Lending Guide

#1

Contact your Real Estate Agent

Initial Consult to determine needs and get lender referrals that can best meet your needs

#2

Connect with a Lender

After selecting a lender that you trust make sure they know who you have partnered with as your Real Estate Agent. 

#3

Get Pre-Approved

Have your lender run your credit.  Complete their intake forms to determine your loan limit versus your budget. Have your lender send your agent your pre-approval letter. 

#4

Understand your position

Ask your lender how much money you will need to bring to the closing table, including down payment, appraisal and closing fees. It's important to have a general understanding of what your monthly payment will be as well. 

#5

Start your home search with your agent

#6

Go into contract on your home

#7

Make your formal loan application within 3 calendar days of going into contract.

#8

Submit All docs to your lender and be responsive.

Submit your last 2 or 3 tax returns, last 3 months of bank statements, last 2 months of paystubs, and anything else requested by your lender.

#9

Take any required classes

Some lenders require borrowers to take an online or onsite homebuyer course. 

#10

Home Inspection and Remedy Period

Review if asked for inspections or repairs, typically conducted in the first 7-10 days upon going into contract.

#11

Submit your Earnest Money Deposit to your Broker.

#12

Order and Pay for your Appraisal Report

 It should take about a week for the third party appraiser to visit the home and provide a written opinion. You will be the first to receive a copy of the appraisal report. It's safe to share this with your agent to determine if the report came in at-value and without conditions. 

#13

Get Homeowners Insurance

Ask your real estate agent or lender for insurance referrals if necessary. Provide your insurance agent with the address and determine coverage. Have your insurance agent send their quote to your lender.

#14

Lender Submits File to Underwriting

Your loan officer collects your entire file for final review. The underwriter verifies all information including employment. 

#15

Resolve any conditions to close

Underwriting can request clarification or additional documentation, such as, a gift letter or letter of explanation. 

#16

Clear-to-Close

Once underwriting has approved your file you can proceed to closing. 

#17

Sign your Closing Disclosure

This will be your numbers for closing

#18

Wire Funds to Title

The Title Company will reach out with wiring instructions to send the amount of funds required to close. Never trust wiring instructions for you sent via email. Be vigilant to avoid wire fraud. Cyber criminals are hacking email accounts and sending emails with fake wiring instructions. These emails are sophisticated and convincing. We shall not be held liable. Always independently confirm wiring instructions in-person or via a telephone-call to a trusted and verified phone number. Never wire money without double-checking that the wiring instructions are correct. Keep a copy of your wire transfer receipt from the bank and bring it to the closing table for your own records.

#19

Funding

Make sure to ask when title will receive your lender's funds to ensure you can walk away with keys after closing.

#20

Closing Table

Go to the title office with your agent and sign your closing package. Be sure to bring a government photo ID and any dower signors. 

#21

Submit a Review

Give your lender and or your agent a glowing review if you go home happy.