Congratulations ~ your loan is approved and closing is coming soon! At this point we cannot change any details of your financing without causing a delay, AND we’re assuming you haven’t done any of the “don’ts” covered in our Do’s and Don’ts. The Processor will be reaching out to you via email if any additional documentation is required from you.
E-Sign the Closing Disclosure: the initial Closing Disclosure (CD) will be emailed to you in the next few days – you will be required to sign the CD immediately upon receipt. This is extremely important as there is a mandatory waiting period that has to occur before closing and the clock doesn’t start until EVERYONE signs the initial CD.
Provide Addendum and Amendments: please let us know ASAP if there are any updated amendments or addendums to the contract (i.e. additional seller or Realtor concessions, any reductions in price, any lease-backs, etc.).
Another Verification of Employment: within 24 to 48 hours of closing we will contact your employer to verify that you are still employed. (So don’t turn in your two-week notice the day before closing). There’s no action required from you for this; we just want you to know that we’re doing it.
Credit Report Update: withing 5 days of closing Lenders Update Your Credit Report to reflect the most recent balances and provide a list of any new credit inquiries. Underwriting will ensure that you still qualify with any new balances (so don’t go buying that new refrigerator until after closing). The list of credit inquiries will reveal if any new “credit pulls” have occurred since the initial credit report in the file – any new inquiries will require an explanation and additional documentation may be required before the file can be assigned to a Closer.
Basic Questions About Closing
Once all conditions are satisfied the Underwriter issues the Clear To Close (CTC) our Closing Department will send the title company the loan “instructions” so they can prepare the final Closing Disclosure (CD). Once the CD is prepared we will email you a copy and call you to review the details and answer any questions.
NOTE: if you’re buying a primary homestead property and you’re legally married, then your spouse will also need to attend and sign a few closing documents – even if they are not part of the loan.
Because Texas is a community property state a non-purchasing spouse is required to sign certain documents since they have an inherent vested interested in the property.
Closing on a home loan is the last piece of the puzzle in the home loan process. It is so extensive that we had to make another page about it. Please review each section below very carefully so you can prepare and ensure a smooth closing. As always, please call us if you have any questions during the process.
Now that you’ve reviewed the Pre-Closing Checklist, below are the details of what you need to know for closing. Please review these items carefully as there are “pitfalls” that can potentially delay closing if you’re not […]
Once the closing documents have been signed by all parties (i.e. you and the sellers), the title company sends the necessary documents to our Closers for funding authorization. Once our Closers review the signed docs and clear any funding conditions they will provide the […]