Once We Have Submitted Your Loan Paperwork To Our Processing Team. These Are The Next Steps:

  1. Our processor will review your information and submit your file to underwriting **in progress now.
  2. Underwriters are the folks that review every word on every page. They will have a few questions and processing will send us a list of those questions. Make sure your down payment money is in your checking or savings account at this point where you can wire the money to the title company. You’ll need to either write a cashier’s check the day of closing or wire the money to the title company. Just use the estimate “cash to close” that we provided, that is the closest we can estimate right now.
  3. Gathering additional items from you and sending back additional disclosures should also be expected: After we lock your loan and send the appraisal to you, our processor will send you disclosures to sign and return. Your processor may receive questions or “conditions” from the underwriter’s review. **It’s important to get this information back to us within 24-48 hours. The government requires banks to be very thorough so the paperwork can get a bit nuts at this point, we are doing our best to serve you and help.
  4. We’ll submit all this new pages/information for a clear to close (reviewed by the underwriter again) At the same time we order you legal documents. We’ll send you the Initial Closing Disclosure (ICD, the page with the cash to close on it). It will be 99% accurate and the title company and our attorneys are working behind the scenes to make every penny accurate.
  5. Clear to close is issued once every word on every page is perfect. (this is the exciting time as we’re close to getting your keys for your new home)
  6. Once the final Closing Disclosure is complete, we’ll send this to you. This provides the exact HOA, property taxes, insurance, etc. and gives us the exact amount needed for closing, the CASH TO CLOSE.
  7. Now you’re ready to eClose or sign the loan documents at closing, performed at the title company depending on your loan product. After all parties have signed, “we fund”. The loan and the home are legally yours. Your realtor will give you the keys. Yippee!

Welcome to your new home!

Quick Tips

Don’t make big purchases before beginning the home loan process. A favorable debt-to-income ratio is important to lenders and purchasing a new car, new appliances, or new furniture could increase your debt. The impact that this will have on your debt-to-income ratio could make it difficult to acquire a home loan.

Make sure to have all the paperwork and information needed for a loan application on hand. Don’t pack or ship important papers such as tax returns, W-2 forms, and divorce decrees. In the weeks it may take to obtain duplicate copies, you may find your transaction closing date may be stalled.

Refrain from running a credit score on yourself. This will appear on your credit report as an inquiry that will require written explanation.

Don’t change jobs right before beginning the loan process. With new employment, may come a probationary period before new income can be considered in a home loan application.

Seek Thrive Mortgage, LLC consultation before attempting to consolidate bills in anticipation of closing.

Hold off on consolidating your accounts. Transferring your assets from one bank account to another will complicate the closing process. These transfers will be considered new deposits and you will be required to explain and document the source of the new funds for each transfer.