Initial Underwriting Approval

Your Loan Is Approved With Top Mortgage Banker in Dallas Texas

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.

What’s Next

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.

How Long Will Closing Take? A: 1 hour.
Closing typically takes 45 minutes; however, we recommend you plan for an hour since the title company will provide you copies of the signed documents before you leave. Some title companies will offer you a paperless medium for your copies: such as a CD, flash drive, email, etc.
Who Needs To Attend Closing? A: Everyone on the loan AND your spouse.
Anyone on the loan needs to attend and sign closing documents.

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.

Where Will The Closing Be & Who Schedules It? A: Ask the Title Company.
Your Realtor may be scheduling the details for closing; however, you’re welcome to reach out to the title company directly to ensure the time and location of closing fits your schedule. You don’t have to close at the title company office listed on the contract. Often times you can close at a “sister” title company OR at a place of your choosing (like your office or home). If you choose to close remotely there may be a fee charged for the mobile notary so be sure to ask the title company. Please let us know the details of closing so we can plan accordingly.
What Time Should Closing Be Schedule For? A: We like 11:00 am.
We highly recommend closing between 10:00 a.m. and 12:00 p.m. if possible. The late morning closing allows enough time for any last minute questions, time for you to run to the bank, and time for any last minute cosmetic changes to the HUD that may stem from your review. These times also allow enough time for the title company to send docs back to our closing department so we can then initiate the transfer of funds to the title company for funding.
When Is It Official? A: When Title says so.
The transaction is officially complete when the loan “funds” and the title company disperses the money to the seller and other third parties. Our Funding page will provide more information on the timing and details of funding the loan.

Closing Details

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.

Closing On A Mortgage Home Loan Top Mortgage Broker near Dallas Texas 200CLOSING DETAILS

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 []
 

 

Funding On A Mortgage Home Loan With Best Realtor in Dalals, Texas 200FUNDING / POSSESSION

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 []