Step 1 (Pre-Approval and Docs)
The first thing to do is start gathering all the requested documents. If it’s early in the process, we may not have everything, and that’s ok - just make sure to get me everything that we ask for.
Step 2 (Disclosures)
Next we will be sending you loan disclosures via email. You will not have to worry about printing, signing and sending back to me because we use "electronic signatures" for your convenience. If you have any questions, feel free to call me so we can go through everything together. I want to make sure you understand everything and all your concerns are addressed.
Step 3 (Application Fee and Appraisal Ordering)
An Application Fee of $425 is collected at this point so we can secure your rate/loan terms and have the appraisal ordered. Please be aware that this fee is non-refundable and is used to pay for the cost of your appraisal. Someone will then contact you to set up a convenient time to go out and appraise the property. We usually get it back between 5-7 business days after it’s inspected.
Step 4 (Processing and Underwriting)
I will work with my processor to organize and “prep” your file before it goes into underwriting. This usually takes about 24-48 hours. At this point, myself or my assistant may contact you for some additional things that we may foresee being asked by the underwriters, in which case, we will ask you to get to us as soon as possible so that we can expedite your loan. After we get any remaining things, your loan will then be submitted to underwriting for a final loan approval.
Step 5 (Underwriting)
Underwriting the loan is where credit history, income, employment history, assets, and property value are all verified. This usually takes around 3 business days.
Step 6 (Loan Approval)
This is where everything has been done, you have been "Conditionally Approved" pending any further requests from the underwriter. They may/may not ask for additional things at this point after doing all their verifications, however, if they do, either myself of my assistant will contact you to gather any remaining things in order to get Clear to Close. Once we get those in, it usually takes about 24 hours for the next step which is…
Step 7 (Clear to Close)
Clear to Close! Other than the closing day, this should be the happiest day of the process. This is when everything is done! Our closing department will begin preparing documents to be sent to the title company and will work on finalizing all the figures and balancing the settlement papers. This usually takes 1-2 days. Once the final figures are balanced and we have an approved HUD-1A (final documents), I will send you a copy and make sure to answer any questions you may have. Also at this time, we will begin to order the wire from the Federal Reserve to fund your loan at closing.
Step 8 (Closing)
Closing! Please make sure to bring a cashier’s check made out to the title company in the amount that is reflected on the HUD-1A. Also, make sure to bring 2 forms of I.D. to the title company. If you need directions, please let us know and we will be happy to send them to you.
Step 9 (Funding)
Funding. After you finish signing all the papers, the title company will be sending back a list of papers so they can receive a funding number from us. Once that is done, your loan will be funded usually the same day. If you are refinancing, you will fund in 72 hours. Congratulations!
