Your journey home starts here
PHASE 1: Application + Documentation Gathering
Now that you're pre-approved, we'll round up all the remaining documents needed to finalize your application, which will be sent to the Underwriter. It's important to remember that the sooner we receive ALL of the documentation we need - and the more complete and accurate that information is - the sooner we are able to get your application to the Underwriter for approval.
PHASE 2: SENT TO Underwriting
Once your application is submitted to an Underwriter, it can take anywhere from 24 hours to one week for the lender to notify us of your conditional approval.
Please remember that it is completely normal for an Underwriter to reach out with a request for additional information - so don't be alarmed! Just ensure that you submit any requested information as soon as possible.
PHASE 3: Appraisal Ordered
Soon after submitting your file to the Underwriter, we order an appraisal for the home you want to purchase. This is done by a third party; it is meant to protect the buyer and the lender and ensure the value matches the purchase price. This is separate from a home inspection, which we recommend you also have done.
The appraisal process takes one week to ten days. We will mail you a copy of the report as soon as we receive it!
PHASE 4: Conditional Approval Received
We're getting closer to the finish line!
The Underwriter has reviewed the file and has provided us with a list of conditions needed to finalize the loan and get a "clear to close." Once you receive the email stating you've received conditional approval from the lender, you'll hear from your processor within 24 hours with the list of conditions. It is imperative that you submit these conditions as soon as possible, as time is of the essence at this stage of your loan.
PHASE 5: We're clear to close!
We're in the home stretch! At this point, we've obtained all of the documentation we need from you. Your lender and title company are working diligently behind the scenes to prepare your closing disclosure and loan documents for signing.
It is crucial that you don't make any major purchases or engage in any activities that could cause a change in your credit score. Please review the "do's and don'ts" checklist below one more time. It is important to follow this checklist all the way to loan closing.
PHASE 6: CONGRATULATIONS! You've closed!
This is a huge moment - and one worth celebrating. It has been a privilege to work with you throughout this process, and on behalf of the team, we wish you the very best as you settle into your new home.
We are constantly seeking ways to enhance our position as a leader and innovator in the mortgage industry. Our number one priority is to provide world-class customer service. If there's anything we can do to provide the best customer experience possible, please feel free to share it with us. We value your opinion and would appreciate your feedback.
Again - congratulations! And welcome to your new home.