Buy a Home
MORTGAGE LENDING
At Logansport Savings Bank, we want to make your dream home a reality. We will make the process of buying a home less intimidating. Right up to the closing we will be nearby to help make home buying less stressful. Let us put JOY into being a homeowner.
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Pre-Qualify- Before you even begin house hunting, you will want to meet with Logansport Savings Bank's Mortgage Lenders about pre-qualifying for a mortgage. Although this step is not required, it may help you determine exactly how much house you can afford.
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Find a Home- Once you have found a home, you will be asked to complete the property specific information at the bank.
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Complete and Sign an Application- You will need to provide the needed information on your personal financial situation and specifics on the property. We will need a copy of your latest W-2 form, a recent pay stub, and your last month banking statement. You will be asked to sign documents allowing the lender to check your credit, employment and financial records.
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Appraisal Conducted- The property purchased is used as collateral for your loan and acts as security to Loganport Savings Bank. Therefore, we require an independent appraisal report. The appraiser estimates the current value of the property.
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Commitment Issued- We will review your application and appraisal and make a decision on your loan. Once it is officially approved, you or the Realtor ( if applicable) will be contacted. The final step is to schedule a time for the property legal paperwork transfer and for the closing.
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Closing- This is when you take legal ownership of the property. Closings are generally conducted by us and take place at the bank, but may be done at title companies. Usually the parties involved (seller, lender, Realtor, and buyer) attend. Prior to the closing, you will be informed of the amount of funds needed at closing. You will also be asked to bring proof of insurance for the property. At the closing, you will be given a brief explanation of a number of legal documents and asked to sign them. As a buyer, you will sign a mortgage note, which is the personal promise to repay the loan, and the mortgage, which is the financial lien or claim against the property. Finally, the moment you have been waiting for...you are an official homeowner!
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Online banking Mortgage Service- Once you have closed on your home, you can sign up for Logansport Savings Bank's Online Banking, Mouse Express and have access to your loan balance, payment information, and make loan payments from another Logansport Savings deposit account.
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Logansport Savings Bank FSB
723 East Broadway
Logansport, IN 46947
Logansport Financial Corp. is the holding company for Logansport Savings Bank.