12 Mortgage Milestones

  1. Loan Application - Initial loan application includes all of your basic information to begin the file. Once we receive application the next step will be to upload documents for review for pre-qualification.
  2. Pre-Qualification - During this process the loan officer reviews your initial application and documents for accuracy, calculates your income according to program guidelines, and when applicable, runs AUS or Automated Underwriting System to get a computer generated pre-approval based on the file setup.
  3. Pre-Approval - Once AUS issues and approved status your loan officer can issue your Pre-Approval letter. This indicates to your REALTOR and sellers that your loan officer has reviewed your documents, pulled credit, and ran an initial AUS finding for your file.
  4. Contract Received - Once you receive a signed purchase contract be sure all parties involved have a copy! Including the loan officer, title company, REALTOR and seller. With a contract we can then submit your file to the lender!
  5. Initial Loan Disclosure Package Sent - The initial loan estimate and state specific disclosures must be signed to proceed with your loan. Please review carefully and sign when you are ready to submit to the lender!
  6. Appraisal Ordered - The first step after your loan begins is the appraisal order. This is typically the longest part of the loan process so it is important to start early and get the appraisal going while you work on any document requests for the loan officer.
  7. Submitted to Underwriting - Once a file is complete and initial disclosures signed we can submit your file to the Underwriter. The Underwriter is a team of individuals at the lender that review the file to ensure strict adherence to the program guidelines. Your loan officer will update you on any Underwriter requests throughout the loan process.
  8. Initial Underwriting Approval - After initial review the Underwriter will grant an initial approval with a list of conditions to satisfy to complete the loan. At this time you are now "Conditionally Approved" meaning as long as you send your conditions in satisfactory manner, your loan will be final approved and funded!
  9. Conditions Submitted - Once your Loan Officer receives all of your conditions they will upload these files to the Underwriter for final review. Please note the loan officer cannot get a final approval without 100% of conditions filled! So please upload documents as quickly as possible at this stage!
  10. Final UW Approval "Clear To Close" - You did it! Your loan is approved! Now just wait for the lender, title company, buyer and seller to come together for final balancing of the loan documents and a time for signing. Congratulations!
  11. Final CD/Settlement Statement Received - Once the title company has reviewed the lender's documents, and the lawyer has approved as well if applicable, the title company will issue the final CD (Closing Disclosure) for your loan indicating your final cash to close figure. Be sure to plan ahead to have a wire or cashier's check with the amount due at closing ready before going to the closing appointment!
  12. Loan Closed/Funded - Welcome to Your New Home!