Purchase Steps FAQ
How long will it take to underwrite and approve my loan?
Formal analysis of your credit, income, assets, and appraisal typically takes between 72 and 96 hours. Turn times can vary however, based on each borrower’s circumstances.It’s not uncommon for the underwriter to request some additional items during review. We will coordinate with you directly to satisfy these items (also referred to as “conditions”) in order to get your loan fully approved.
When is my appraisal ordered?
We can order your appraisal as soon as you indicate your “Intent to Proceed” to us, either by phone or email.
What if there are seller credits or purchase price adjustments?
If a “material” item within the transaction changes (seller credit, agent credit, program or rate change, etc.) a new Closing Document will need to be issued. Depending on the change, you will need to wait a minimum of one business day, or a maximum of three business days, from the change date before final loan documents can be signed.
What is a loan contingency?
Loan contingency refers to your contractual obligation to secure financing for your home by a certain date. When your contingencies are removed and your transaction does not close, the seller is potentially entitled to keep your initial deposit. At this time, we have confirmed that the property has met the minimum health, safety, and valuation requirements, and your loan has been approved. There are other aspects of a transaction that influence the contractual removal of your financing contingencies.
Please confirm with your real estate agent for their advice.
IMPORTANT! It is critical that you do NOT do the following before escrow closes:
- Do NOT go on vacation or become hard to reach
- Do NOT change jobs
- Do NOT be a big spender
- Do NOT pay bills late
- Do NOT open or close credit card accounts
- Do NOT take on any new debt
- Do NOT move large sums of money
- Do let us know if the subject property has solar panels or energy system
HOME FINANCING STEPS