Being prepared to purchase a home in Minnesota or Wisconsin starts with understanding the home loan process. Whether you’re buying for the first time or purchasing a second home or vacation home, you’ll follow these four steps to make home ownership a reality.

STEP 1:  Mortgage Pre-Approval

Mortgage Pre-Approval is a simple application process to determine if you qualify for a mortgage. Getting pre-approved has many benefits, including knowing how much house you can afford and showing home sellers you are serious about a home purchase.
  • You can apply for pre-approval in person, online by choosing a local Mortgage Lender or over the phone.
  • We will pull your credit report and review your credit history.
  • You will be asked to provide the source of your down payment.
  • We may ask for other documentation as well.
  • After submitting the application, we’ll ask for proof of income (paystubs/ W2’s)

STEP 2:  Find Your Home and Make Your Offer

Upon successful pre-approval, it’s time to begin your house hunt. If you’re working with a local realtor in Minnesota or Wisconsin, provide them a copy of the pre-approval letter you obtained from your Mortgage Lender.

Once you’ve made an offer on a home and the offer is accepted, provide your signed purchase agreement to your Mortgage Lender. If you have any questions before you sign, please ask. We’re here to help.

STEP 3:  Complete the Loan Process

We’ll order the appraisal and update other information you provided on your application, such as income and source of your down payment. There may be other documentation we ask for during the mortgage underwriting process.

STEP 4:  Closing – Transferring Home Ownership to YOU!

Upon loan approval, we will schedule the closing date for your loan. All mortgage documents will be signed and home ownership will transfer to you. 

If you have any question throughout the process, contact your local Merchants Bank Mortgage Lender. We’re here to provide answers and walk you through each step.

Additional Resources

Subject to approval. Pre-approval is based on our preliminary review of credit information only and is not a commitment to lend. We will be able to offer a loan commitment upon verification of application information, satisfying all underwriting requirements and conditions, and providing an acceptable property, appraisal and title report. Not available on nonconforming products.