At Old Second we have streamlined the mortgage loan process. As a result, with Old Second there are fewer steps to follow, less anxiety, and the ability to move faster to closing. If the mortgage loan process is unfamiliar, or a quick review is desired, we are sure these steps can assist.

1. Choose the type of loan you're interested in by looking at our Loan Choices
   Whether purchasing or refinancing, a first-time homebuyer, or have special financing needs; our wide variety of mortgage programs can help meet just about anyone’s financial goals.
   
   OR



2. Take a look at our Mortgage Calculators
   With our Mortgage Calculators quickly estimate how much of a mortgage you may be able to afford based on your income, debt and the type of loan that interests you.



3. Apply (even if you haven't found a home to purchase yet)
   Contact us so we can assist, and in most cases, we'll be able to give you a real-time decision on your loan request.

The following are some of the steps we'll go through as we process your loan.

• Credit Review and Application Analysis
  With your consent, we will obtain your credit report electronically as part of your application. We will ask you to review any real estate loans appearing on your credit report and use the information you validate in your application to return a loan decision.



• Appraisal
  If necessary, a certified appraiser will complete a property appraisal to determine the market value of the home.



• Paperwork from You
  We may ask you to send us written verification of the income and assets you state on your application.



• Title Search and Insurance
  All lenders require proof that the seller or refinance borrower has the right to ownership of the property and that all existing liens are identified. Title insurance is intended to protect lenders and homebuyers from unrealized claims against title to the property. We will require lender's coverage, which protects Old Second in case there is ever a claim made against ownership, and you will have the option of purchasing an owner's policy, as well.



• Homeowner's Insurance
  You'll need to obtain hazard insurance coverage to protect you and Old Second against property damage or loss. Proof of an acceptable homeowners' insurance policy will be required prior to closing your loan.



• Flood Insurance
  If the property is located in an area that is a government-designated flood zone, you will also be required to carry flood insurance. We will notify you if you need flood insurance coverage and can advise you on how to obtain it, if required.



• Borrower-Paid Mortgage Insurance
  Borrower-paid mortgage insurance or an alternative is required when the borrower provides less than 20 percent of the home's value as a down payment or has less than a 20% equity position in an existing home.



• Obtain approval
  For most borrowers, Old Second is able to provide loan approval the same day we receive your application. If you have been approved, we'll contact you to discuss next steps and conditions of approval. If an approval is not possible, you will be notified to discuss any questions we may have and we may be able to seek alternate loan options.



• Meet your loan approval conditions
  To make meeting your loan approval conditions more convenient for you, we'll tell you what needs to happen and what we're doing to get your loan ready for closing.



• Close
  Closing is the final step for you in your loan process. At closing, you'll review and sign legal documents and pay any costs necessary to complete your transaction.