Get pre-approved. It doesn’t make sense to look at houses until you know what you can afford. Once you provide us with your income and asset documentation, we will pre-approve you for a particular loan amount.
Find your dream home. Now that you know your price range, start house hunting with your Realtor!
Secure your interest rate. Once you have a mutually accepted contract, we will update your loan application with the specifics of the transaction and lock in your interest rate. Any outstanding documentation should be sent to us at this time.
Sign Disclosures. You will receive your disclosures electronically via email. Please review, sign, and click finish. This sends the disclosures back to us to keep your file moving forward. It is possible to sign your disclosures by hand, and we are happy to help with that process as well. For more on disclosures, click here.
Conduct a home inspection. An inspection evaluates the structure and systems of the property you wish to purchase. If you choose to have a home inspection but do not have an inspector, your Realtor will make a referral. You pay for this separately from all other fees and closing costs.
A home appraisal is scheduled. We will contact you to collect payment and the appraiser will contact your Realtor to schedule the appraisal appointment. If the appraisal value comes in as expected, no further action is needed. If it comes in significantly higher or lower than expected, the terms of the loan may need revising. You pay for the appraisal separately from all other fees and closing costs.
The lender reviews your documentation. The lender reviews all documentation and may request additional information (e.g., your most recent pay stub).
The lender approves your loan. Upon approval, your loan is declared clear to close (CTC). This is a happy day!
Sign your Closing Disclosure. This is the summary of all of the costs connected to the purchase of your home. This is also a document you sign electronically. You can sign your loan documents three days after you acknowledge the closing disclosure.
Final docs are sent to escrow. Once your loan is clear to close, the file is put in line for “docs.” This means that the lender sends final loan documents to escrow. This typically takes 2-4 days.
Document signing at the escrow company. When escrow receives final docs from the lender, they call you to schedule the signing. You will bring a cashier’s check for your down payment and closing costs to the signing. You may also wire the funds directly to escrow. You will sign a large stack of papers outlining the terms of your loan. Every person listed on the loan and/or title must be present to sign. The signing typically happens 2-4 days prior to your actual close date (the date that escrow receives funds from the lender).
The lender wires funds to escrow. After the signing, escrow sends the signed documents to the lender for review. Once the review is complete, the lender wires the funds and your loan has funded. (And in the Salmon Bay office, we ring bells and hoot and holler in celebration!)
Documents are sent to the courthouse for recording. When escrow receives the funds, they send documents to the courthouse for recording. Once the county records the documents (usually the same day they receive them), you are the new legal owner of the property.
Time to celebrate! Your Realtor hands over the keys to your new home.