The Loan Process Explained in a Timeline
Here is a start to finish description of the Loan Process and an timeline of about how long it takes to complete the entire loan.
Get all of the documents together:
(usually takes 1-2 hours)
Please see “Items for Purchase” or “Items for Refinance” on the forms page.
Complete the Application:
(meeting time 15 min to 2 hours)
This is when the Full loan application is completed, also known as the 1003.
Processing the Application :
(1 to 3 Business days)
This is where we review your application to make sure that it portrays an accurate picture of your financial situation and it’s also the steps taken internally of submitting your application to the underwriter.
This is the time when the appraisal, the title policy, insurance for the property is ordered.
Underwriting:
(1 to 3 Business Days)
Underwriting is where the lender will go through the full loan package that was submitted to them, for they can verify that it does meet their underwriting guidelines and that all of the conditions for the type of loan that you’re getting have been met.
Clearing Conditions:
(anywhere from 1 day to a month)
Conditions" are requests by the underwriter for additional information in order to make a decision and to get a “Clear to Close”
The Closing:
(45 minutes to 2 hours)
Once we have the “Clear to Close” we will set a time with the Title Company to Sign the Final Documents. This is the time that you go to the Title Company to sign the final paperwork for the Property.
Items to bring to Closing:
Cashier’s Check - The funds that are needed to close need to be in the form of a made payable to the title company.
Two forms of identification.
We look forward to helping you with your next home purchase or home refinance.
Equal Housing Lender 