In one to two weeks, we should receive your appraisal and title work. If nothing else is required, we’ll move to the next step and submit your loan request to underwriting. An underwriter evaluates your credit history, size of the loan you request, your ability to pay back your loan, and verifies your loan meets the guidelines for mortgage lending.
If there are any issues with the appraisal or title work, we will work closely with you and your realtor to remedy these issues.
Step 5….
After underwriting approval is obtained, we’ve reached the final step in preparation for closing. In this step, we’ll begin perfecting the final numbers with the title company and prepare a pre-closing document for you called a “Closing Disclosure.” This document closely resembles your Loan Estimate. However, the information it contains has been perfected at this point, and we are formally letting you know three days prior to close how much money you will need to bring to the closing table.
Sometimes approval isn’t obtained from the underwriter, OR there may be some contingencies that must be met to prepare for closing your loan. If this is the case, we will work closely with you in hopes of meeting the underwriting requirements.
Closing usually takes place at a title company. At the closing table, you will experience one of the greatest feelings…..signing your name on the dotted line! Signing your name has never felt so good!
Granted, there may be some issues that arise during any phase of your home loan. If this is the case, we will work hard to overcome any hurdles together. Give First Financial Bank a try, and you won’t be disappointed!
