Home loan process in Texas
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.
- Borrower provides “Green Light” and Loan Disclosures are sent
- Signed loan package and Supporting Documents are submitted
- The Setup Team orders third party items (ex: Appraisal, Title, Insurance, etc.)
- Third Party Docs Pending – waiting time is variable
- Processor reviews file and may request additional docs for credit approval
- Docs reviewed and Borrower is credit approved – third party items still pending
- Appraisal and third-party items have arrived and file is submitted to underwriting
- Both borrower and property are approved – additional documentation requested
- Documents are provided to Underwriter to satisfy outstanding conditions
- The Clear to Close (CTC) is issued and file is moved to the Closing Department
- Instructions are sent to title to prepare the final Closing Disclosure (CD)
- Our Closing Team and the Title Company prepare closing docs
- 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)
- 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.