SIGN INITIAL DISCLOSURES
Cynthia will finalize your disclosures (the documents you need to sign for the application) and send to you for review. You will consent to signing and receiving documents electronically, then sign the initial disclosures.
Your loan processor goes to work getting your file in order. The property appraisal, title work, verification of your employment and if needed, verification of your rental is ordered at this time. We will let you know if there are any other documents or information needed before we submit the file to the underwriter.
SUBMIT TO UNDERWRITING
Your loan file will be reviewed by the underwriter for the conditional approval. There may be additional items requested by the underwriter before a full approval can be issued. This is normal so don't be alarmed if your processor asks for updated or new items.
RESUBMIT FOR CLEAR TO CLOSE
By now you have submitted all your documents and letters of explanation and your appraisal and title work is back. With everything together the loan application is resubmitted to the underwriter for the "Clear to Close".
CLOSING THE LOAN
Cynthia or your processor will let you know the exact amount you need to bring to the title company, or builder's office, to close the loan. You must have this in a cashier's check, not a personal check, payable to the title company. You may also wire funds from your verified bank account to the title company. You will also need your ID at the closing table. After the loan funds, usually within an hour of closing, you will receive the keys to your new home! Congratulations, you are now a homeowner!