After You Apply

APPLICATION RECIEVED
At this point, a member of our team is busy reviewing the information in your application. Soon, you will receive a loan estimate and will have 10 days to review it to decide if you wish to move forward. In the meantime, review our borrower’s checklist and send us any documents you haven’t already sent our way.

LOAN IS BEING PROCESSED
During this phase, we are collecting and reviewing the documents you sent us. Your mortgage processor will reach out to your employer, credit bureaus and other entities that can provide relevant information. Once all the required documentation has been collected, your loan will be sent to our underwriting department.

UNDERWRITING YOUR LOAN
An underwriter is reviewing all the information collected to determine if your loan can be approved or denied. It is common for the underwriter to request additional information or ask questions. Try to respond quickly! The underwriter should issue conditional approval within a few days after receiving your loan file.

RECEIVING CONDITIONAL APPROVAL
When you reach this point, your loan is approved with conditions. This means the underwriter has reviewed your loan but needs more information to provide final approval. Make sure you are finalizing your home insurance, and if you didn’t lock your rate when you applied, make sure to lock in a rate at this point.

GATHERING THE FINAL DOCUMENTS
At this point, your mortgage processor will reach out to you to obtain any additional information needed. They may ask for things such as an updated bank statement, proof of earnest money, or homeowners insurance. At least five days prior to your closing date, you will receive your initial closing disclosure – be on the lookout for these documents because you will need to sign them at least three business days before your closing date.

FINAL APPROVAL
After the underwriter has reviewed all the final documents gathered, your loan has now been approved, and you are ready for your closing.