To pre-qualify for a loan, you can complete an application either online or over the phone. Once you’re ready to apply, submit the necessary documentation to get pre-approved. The lender will then review all the items you’ve provided and research all financing options for you.
Once you’re pre-approved, the lender will schedule a phone consultation to review your loan options, loan approval, and loan details. You’ll receive a Pre-Approval Letter, which will allow you to confidently find a home, submit an offer, and become a homeowner within 30 days of an executed contract.
Once you find your home and have an executed contract, the lender will lock in your loan and interest rate. Within a couple of days, the lender’s Disclosure Team will electronically provide you with your Loan Disclosures, which you will need to DocuSign right away using the DocuSign account you created with the lender.
Your Loan Processor will help you with your loan and work on getting you to the finish line as quickly as possible. The loan processor’s responsibilities include processing your loan, submitting it to Underwriting for review, and reaching out to you if they need any additional items.
Once you or your Realtor gives the lender permission, they will order your Appraisal. Once the appraisal is assigned to an appraiser, the lender will email you a payment link and instructions so you can pay for your appraisal.
When the lender’s Underwriter has reviewed and cleared all pending items, they will issue a final loan approval. The lender should not need any further documentation from you. They will communicate this to you and submit your loan packet to their closing department so that they can start working on your closing documents and final figures.
The lender’s closing department will email you a Closing Disclosure (CD) at least three days prior to closing. This document will contain your total cash needed to close and your final monthly payments. It’s essential that you DocuSign this document the same day it’s sent to you to ensure that you stay on target to make your closing date.
On closing day, you’ll need to bring a Cashier’s Check payable to the Title Company or wire title the required funds (confirm this with the Title Company). Your Realtor will coordinate your closing appointment and provide you with the appointment location. The appointment usually takes about an hour.
Once the lender has all the signed documents, they’ll give the Title Company authorization to fund the loan. When this occurs, your loan has been funded and closed, and you’re officially a homeowner!
Feel free to contact our team if you have any further questions.
We are looking forward to working with you and your family in the near future.