Our 10 Step Loan Process
Buying a home doesn't have to be a scary, daunting process.
With our easy to follow 10 steps, we guide you through the homebuying journey!
Application & Documents
The first step is to complete your loan application. We will need to gather information such as your employment history, housing history, and details around your intent of this transaction. It is important for us to know everything on the front end so we can advise you properly. We will also gather supporting documentation.
After we are done with the initial application, we will send mortgage estimates and set up a call to review the numbers with you in detail. The main goal of this step is to make sure you are comfortable with your cash to close and monthly payment. After our review, we will discuss next steps.
Once you complete the loan application, provide your documents, and review the estimates with us, we will issue a pre-approval letter. This is the most important part of the process. The pre-approval letter lets the seller know we have reviewed credit, income and assets and pre-underwritten your loan so if they accept your offer, we know we can close.
Now that you are pre-approved you can submit an offer and go under contract! We will provide you with updated estimates based on that day’s rate and the specifics from your contract. This is the point where we can lock in your rate. We will also send you a list of documents that we need to get your loan into underwriting.
Once we lock your rate, we will finalize your application and go over the additional documents needed to get your loan into underwriting. Once we receive these documents, we will submit your loan to underwriting and order your title and your appraisal. We will also send a timeline email to let you know the dates for each step of the process moving forward.
After the underwriter has reviewed your loan, they will issue a conditional approval. This is what we need to satisfy your financing contingency but there will be additional questions needed for final approval. The questions may be related to your documentation, the title, appraisal, etc. Please note we will always need any document requests back within 48 hours to keep you on track for closing.
**Steps 7,8 & 9 may vary in order.
Initial Closing Disclosure (CD)
We are required to have you acknowledge an Initial Closing Disclosure (CD) 3 business days prior to closing. These numbers will not be final. By signing, you are only confirming that you have received this form. You do not have to accept this loan because you have signed or received this form. This has to be signed 3 days prior or it will delay closing.
Clear to Close
This is the milestone that let's us know we are officially approved to close on your home! We will still need to finalize numbers and complete a verification of employment to ensure your circumstances haven't changed. We will also work with the closing attorney to balance the final CD.
Wire Funds to Closing
This is when you will need to wire your funds to the closing attorney. We will call to discuss the amount and safe practices of obtaining the wiring instructions. Please plan to wire your funds at least 24 hours prior to your scheduled closing.
Final CD &
Once the numbers are finalized, we will send you the Final Closing Disclosure (CD) and call you to review. This will be the document you sign at closing! Once you sign, you are officially a homeowner, time to celebrate!