Westmark Credit Union
We are a full-service financial institution, owned by our members & committed to the development of their financial future. We have 12 convenient locations.

A Step-by-Step Guide to Applying for a Mortgage Loan

Mortgage Loan Application

Applying for a mortgage loan—especially when it’s your first time—can be a bit intimidating, which is why it is important to find a helpful, experienced loan officer, like those at Westmark Credit Union.

If you are planning to apply for a mortgage, keep reading for an overview of the application process.

Get Your Papers in Order: Before meeting with your loan officer, you should begin compiling the paperwork that you will need to apply. This includes W-2s, previous years’ tax receipts, 401K and stock investment paperwork, and other paperwork accounting for the financial situation in your household. It is also a good idea to check your credit at this point. Be sure to rectify any discrepancies in your report, and if your credit score is low, then take a few months to improve your standing before applying.

Meet with a Loan Officer: Once you are ready to begin the process, you will meet with a loan officer, and he or she will look over your information, including your income, assets, and debts. This meeting is non-committal, but will enable you to find out where you stand on securing the loan.

Fill Out an Application: You will be asked to provide a lot of information when you fill out your application, including your Social Security number, income, expenses, assets, and debts. Filling out an application requires a good deal of work on your end in terms of looking up forms, statements, addresses, and more, which is why it is important to have some of this information already prepared.

Submit Your Application: Once you hand in your application, the work shifts over to the loan officer. He or she must give you a good faith estimate and a truth-in-lending form within three days. A good faith estimate describes the loan and the terms offered, while the truth-in-lending form is used to compare competing loan offers.

Processors Review Your Application: Your application will be examined closely by processors who are looking to find misinformation. They will review your income, credit history, and anything else that could be problematic.

An Underwriter Conducts a Final Review: The last hurdle towards acceptance involves an underwriter who evaluates whether the lender is at risk. At this point, you will find out if your application has been accepted or rejected.

At Westmark Credit Union, our loan officers are experienced and knowledgeable in a vast array of home loan products. And, if you are a member of our credit union, you can enjoy our competitive rates and low fees. Call us at (800) 574-5626, and get one step closer to securing your mortgage loan today. You can also stop by one of our ten convenient locations throughout Idaho.

2520 Channing Way
Idaho Falls, ID 83404

Hours of Operation:

  • Closed Sunday
  • 9:30 AM to 5:00 PM Monday
  • 9:30 AM to 5:00 PM Tuesday
  • 9:30 AM to 5:00 PM Wednesday
  • 9:30 AM to 5:00 PM Thursday
  • 9:30 AM to 6:00 PM Friday
  • 9:00 AM to 1:00 PM Saturday