What are common home loan types?

Should I wait on better interest rates to borrow?

What does a loan payment entail?

Do I need a perfect credit score to buy a home?

What are the baseline requirements for any home loan?

How can I make a strong offer against a cash buyer?

What’s underwriting and why does it matter?

Bank statements and gift funds: What’s needed from me?

What could impact my loan approval?

What’s the deal with all the paperwork you’re sending me?

Why isn’t my rate showing as locked in my disclosures?

Do you handle the appraisal process? If so, what does that look like?

What’s an initial CD? By signing it, am I closing on my loan?

What happens after I’m clear to close with your team?

What are reserves, and why am I being billed for them on my final CD?

I just closed on my new home, now what?

I’m almost done building my new home, will you remind me about unimproved property taxes?

Step One: Our processor will review your information and submit your file to underwriting. (Remember, 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.)

Step Two: 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.

Step Three: 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.

Step Four: 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.

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)!

Step Five: Once the final Closing Disclosure (CD) is complete, we’ll send it to you. Your CD provides the exact HOA, property taxes, insurance, etc., and gives us the exact amount needed for closing, the cash to close.

Step Six: 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. Welcome to your new home!