What is the process for applying for a mortgage?

The process for applying for a mortgage with Farmers Bank & Trust Co. generally involves several key steps that prospective borrowers should be aware of. First, potential applicants are encouraged to assess their financial situation, including reviewing their credit score, income, and debt-to-income ratio. Understanding these factors will help in determining the type of mortgage and the amount that one can afford. Next, individuals typically need to gather necessary documentation, which may include proof of income, tax returns, bank statements, and information on any existing debts. This information is crucial in helping Farmers Bank & Trust Co. evaluate the applicant's financial stability and creditworthiness. Once the documentation is prepared, the next step is to complete a mortgage application. This application may be available online or at a local branch. Upon submission, the bank will review the application, assess the applicant's creditworthiness, and may require further documentation or additional information. After the review process, the bank will issue a loan estimate, outlining the terms and costs associated with the mortgage. If everything meets the necessary criteria, the bank will issue a mortgage approval. The final step is closing, where the borrower signs all necessary documents, and the mortgage is finalized. For any specific details or updates regarding the mortgage application process, visiting Farmers Bank & Trust Co.'s website is advisable.