Need help with your home loan?

Our loan officers are more than happy to answer any of your questions.

How long will it take to get my home purchase or refinance completed?
Most purchases and refinances take about four weeks to close. Below we outline what happens at each step of the way.

 

Home Purchase Loan Process

 

  • You will be asked for permission to run credit and requested to provide income and asset documentation. You will also be requested to sign an eConsent form.

  • Provide the purchase property address to your loan advisor to finalize your loan application.

  • Sign and return your initial loan disclosures as quickly as possible to prevent closing delays.

  • Contact your insurance agent to setup your homeowners insurance and provide information to your loan advisor.

  • Provide credit authorization to order a home appraisal as needed.

  • If additional documentation is requested, provide it right away to prevent closing delays.

  • When you receive the Closing Disclosure, it is CRITICAL to have all borrowers on the loan sign and return as quickly as possible.

  • By law, loan documents cannot be signed before the CD wait period. This wait period is either 3 business days after all borrowers have signed the CD, or 6 business days after the CD was provided to you, whichever is less.

  • After the loan has received final loan approval, we will prepare the loan documents and send them to escrow.

  • Review and sign all loan documents according to the Title company instructions.

Refinance Loan Process

 

  • Refinancing your home is all about what works well for you financially, in the short and long term. Once you have chosen a program with the help of your loan officer, we will send you a stack of disclosures to sign and return.

  • You will receive your disclosures electronically via email. Please review, sign, and click finish. This sends the disclosures back to us to keep your file moving forward. It is possible to sign your disclosures by hand, and we are happy to help with that process as well.

  • Your loan officer will let you know what documentation is required for your loan. You will provide this documentation to your loan officer. Click here for a list of commonly required documents.

  • The lender reviews your information and approves your loan. They also send you paperwork confirming your approval. You do not need to do anything; just keep it in your files.

  • We will contact you to collect payment and the appraiser will contact your Realtor to schedule the appraisal appointment. If the appraisal value comes in as expected, no further action is needed. If it comes in significantly higher or lower than expected, the terms of the loan may need revising. You pay for the appraisal separately from all other fees and closing costs.

  • This is the summary of all of the costs connected to the purchase of your home. This is also a document you sign electronically. You can sign your loan documents three days after you acknowledge the closing disclosure.

  • Once the lender has received the appraisal, title, and all of your documentation, they declare the loan clear to close (CTC).

  • Once your loan is clear to close, the file is put in line for “docs.” This means that the lender sends final loan documents to escrow. This typically takes 2-4 days.

  • Escrow will call you to schedule the signing once they receive the loan docs from the lender. Escrow will let you know if you need to bring a cashier’s check to the signing, and for how much.

  • The refinance will fund on the 4th business day after the signing. For example, if you sign on a Wednesday the loan will fund on Monday (Saturday is considered a business day). Your current loan will be paid off by escrow and your new loan will take its place.

 

Ready to get started? Are financial loan officers can help you get a better picture of your future financial needs.