We have submitted your loan paperwork to our processing team. Here are the next steps in the process:
- Our processor will review your information, and submit your file to underwriting **in progress now…
- Underwriters are the staff 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. 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.
- 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.
- We’ll submit all these new pages/information for a clear to close (reviewed by the underwriter again)
- 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)
- Once we have the clear to close we order your documents. Your legal documents are drafted for you to sign and this takes about 48 hours. The title company, will prepare the HUD or the final settlement statement. The HUD provides the final exact figures : HOA, property taxes, insurance, etc. and gives us the exact amount needed for closing, the CASH TO CLOSE. Once the HUD is complete, we’ll send this to you. I’ll give you a call so we can review this in advance and get the cashier’s check prepared.
- Now you’re ready to sign the loan documents at closing, performed at the title company. Please don’t forget to bring your driver’s license. 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..
Please take a moment to read the Gold Star Buyers Pledge. These are the main pitfalls to avoid during the loan process.