Home Loan Process Milestones
Underwriting Review
At this stage, the Underwriting Team will typically review the appraisal and title for the first time and approve all the conditions that have been satisfied. If there are any new conditions to report, they’ll inform your Client Manager.
Approved and Cleared to Close
By this stage, your home loan application has been officially approved to close by the Underwriting Team. We will work to prepare your final loan documents, get them to the closing agent, and facilitate the signing and funding of your home loan.
Your closing agent will reach out to you to schedule the signing of your final loan documents.
Loan Complete and Funded
Application Started
The first step on the journey for a home loan is to complete an application. Once an application is received you will work with a dedicated loan advisor to determine what are the best options specifically for your goals and long term financial success.
Before you start looking for homes, it’s smart to put in just a little bit more effort to in order to get a pre-approval letter. You want to set yourself up to be the strongest buyer possible—the person the seller absolutely wants to deal with. For a quick dive into the difference between a pre-approval and pre-qualification letter check out this short video.
Review the home loan process Do’s and Dont’s – it’s important to understand what you should and shouldn’t do while your home application is in process.
Processing Review
Now it’s time to find that perfect home and put it under contract. We are confident that with The Rueth Team standing behind you and a strong pre-approval letter in hand….your offer will be accepted and you will be under contract to purchase the home.
Once under contract a Client Manager will reach out to talk to you about next steps. From this point on, your Client Manager will become your main point of contact all the way to the closing table.
Your dedicated Client Manager will review and become familiar with your home loan application. At this stage in the process, the Client Manager’s focus is on clearing up any outstanding conditions, so Underwriting can approve your home loan application in the next step. Once they complete their review, your Client Manager will give you a ring or send you an email to go over the results. At this time, they will:
• Explain the current status of your home loan application
• Review any conditions associated with the loan application based on Underwriting’s findings
• Set expectations and timelines
Home financing success! This is the part where you tell all your friends and family about your amazing experience working with The Rueth Team.
