Step 5: Loan in Process

So right about this time in process you and I accompanied with my amazing Lending Team will become BFFs. After your Loan Disclosures have been signed, your requested documents sent to me and my ROCKSTAR mortgage team works their magic your loan will go through two steps- Processing and underwriting.

Processing-

This is where they order all their “services” for your loan, like verify taxes and income with the IRS as well as your employer. Review your assets and make sure there aren't any red flags for the underwriter and if there is anything that could be “questioned” THEN the processor works to provide documents to further explain the situation.

Basically our Loan Processor takes all your financial documents and makes a story about your qualification and she checks all the boxes to verify that our story makes sense.

THEN your loan is zipped over to the underwriter who is the decision maker on your loan. SINCE it's RARE that we have the appraisal back in this short time as well as finalized “services” that our processor just ordered- we will most likely get a Conditional Approval. Which brings up to the next step.

Step 6: Underwritting

This is great news- it means your loan looks great and based on a few outstanding conditions they will offer a Loan Approval.

Your Loan is back in the processors hands and there your processor will work on filling these final conditions. These are normally pretty easy peasy things like waiting for the IRS to verify the tax record, finalizing homeowners insurance, and verifying closing documents with the title company.

Once our processor checks these final boxes and the loan is sent back to the underwriter one last time for FINAL approval and we get the best new- Clear to Close!

Step 7: Closing time

"Alexa play closing time by Semisonic."

So we got the best news your loan is cleared to close- what does that mean?

Well... You got the loan!

Everything checked out and after the lender and title company finish balancing the invoices the lender will send the funds of your loan to the title company. Title will confirm the closing day, time and final wire amount for you to bring the remaining if any of your closing costs to closing.

Your Realtor will schedule a final walk through to see make sure the home is still in the same condition and the seller and their belonging are out of the property prior to signing. I will review the final numbers with you.

So, what's left?

Closing Day!

After your final walkthrough of the home you will either wire your remaining closing costs to title or bring a cashiers check and then you will head to your closing with your ID handy so they can verify your identity before signing your mortgage documents.

Be prepared- ALTHOUGH there is an option to sign majority if not all of your documents virtually the title company could still ask you to sign a hefty stack of pages. But don't worry- the closing agent does a terrific job of explaining your documents and if you remember back to your initial documents with Geneva then you have actually already signed majority of these.

And that's it! After you sign on the dotted line you are OFFICIALLY the proud owner of your first home!