Once your loan has headed into its processing and underwriting stage, your loan processor will ensure that all runs efficiently and quickly. Below we detail the steps you can expect to take toward closing. To help expedite the process, you may wish to arrange for the following items to be on hand, should they be necessary:
- An appraisal report will be ordered. When the appraiser contacts you, please set an appointment as soon as possible for a convenient time. Your loan processor will request any missing documents, as applicable. These may include:
- Paystubs, W2s, tax returns for two years, or other proof of employment and income verification.
- Purchase contract for your new home.
- Bank account numbers and the address of your bank branch, along with checking and savings account statements for the previous two months.
- Divorce settlement papers, if applicable.
- Information on other consumer debt such as car, student or credit card loans.
If you are receiving a gift from a relative, friend or organization toward the down payment or closing costs, we will collect a gift letter stating this fact.
- A title report will be ordered. If you are paying off a mortgage or other loan(s) with the proceeds of the new mortgage, the appropriate payoff letter(s) will be ordered.
- You will be called to obtain the name and telephone number of your homeowners insurance agent so that an insurance binder can be ordered with the appropriate mortgagee clause.
- Your processor will call you to congratulate you upon receipt of your mortgage commitment.
- In preparation for closing, your loan originator will contact you to discuss your rate lock as well as to confirm all other loan terms.
- A closing will be scheduled and confirmed with all participating parties.
- Upon loan funding, the proceeds of your mortgage will be disbursed. Your loan will fund the day of closing in a purchase transaction or if you are financing a second home or investment property. If you are refinancing your primary residence, your loan will fund on the fourth day after your loan closing (e.g., a primary residence refinance which closes on Monday, funds on Friday of the same week).