What is involved in the process?
The closer you work with your loan originator, the quicker the loan will move through the process.
Step One: Complete the loan application; Lenders require a fully completed application.This includes providing a 2 year residential and employment history. Lenders will email the Loan Estimate to you within 3 days of the application date. You will have to gather the supporting documents required for the loan.
The application and supporting documentation is sent to the underwriter for review. Depending on the lender, it may take a day, or several days, to hear from underwriting.
Step two: The appraisal is ordered; Depending on the state, it may take 7-10 days to receive the appraisal after it is ordered. The underwriter reviews the file and issues a decision. If the file is approved, it is usually approved with conditions. Meaning, if you meet the conditions listed in the approval, then you will get the loan.
Step three: Gather the conditions identified by the underwriter; The quicker you get the items, the quicker the loan will move through the process. Once the appraisal is in and the loan conditions are in, the underwriter reviews the file again. The lender will email a Closing Disclosure, which will contain the final fees and down payment.The loan documents can be signed 3 days after you acknowledge the Closing Disclosure.
If the conditions are approved, the lender will issue the final approval and the loan documents will be sent to title for your signature. In some states, the signing and closing take place on the same day.
In other states, the loan documents are signed the day before closing, so they can be reviewed and the loan funded on the day of closing.
Working closely with your loan originator during this process, you can both assure a smooth and quick closing.
Here is a link for closing documents: http://bit.ly/2K8sPqr
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