Loan Process Overview

Home loan process in Texas

Loan Process Overview with Best Realtor in Plano

The following is an overview of the home loan process when purchasing a home. The process begins once the loan details (such as program, rate, costs, etc.) have been finalized and a contract has been executed and provided to us. Don’t delay as there are only 20 working days in a 30 day contract AND these steps are in a series – meaning we can’t move forward until each step is completed.
Being responsive early in the process will ensure a smooth, on-time closing. 

Loan Packaging (1-2 business days)

Setup (2-3 business days)

  • The Setup Team orders third party items (ex: Appraisal, Title, Insurance, etc.)
  • Third Party Docs Pending – waiting time is variable

Processing / Credit Approval (2-3 business days)

  • Processor reviews file and may request additional docs for credit approval
  • Docs reviewed and Borrower is credit approved – third party items still pending

Initial Underwriting Approval (2-3 business days)

  • Appraisal and third-party items have arrived and file is submitted to underwriting
  • Both borrower and property are approved – additional documentation requested

Final Underwriting Approval (1-2 business days)

  • Documents are provided to Underwriter to satisfy outstanding conditions
  • The Clear to Close (CTC) is issued and file is moved to the Closing Department

Closing Disclosure Prepared (1 business day)

  • Instructions are sent to title to prepare the final Closing Disclosure (CD)
  • Our Closing Team and the Title Company prepare closing docs

Closing & Funding

  • All parties sign the closing documents at the title company and Tile faxes for funding
  • Funding occurs the same day for purchases (and 3 days later for refinances)

After Closing

  • Setup auto drafts after your 1st Payment, watch for Junk Mail, etc.
  • Next year be sure to File Your Homestead, Contest Your Property Value, etc.

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