Now that you are under contract, it is a good idea to gather any updated items and any extra documentation for your loan officer to get the process started quickly and to ensure a timely closing. The Loan Estimate (LE) will be provided to you within three days of applying to your loan officer. The LE is a report that gives you a loan summary, or details that you and your loan officer have discussed including factors like taxes, insurance, escrow, payments, and more.

After reviewing the LE, if you choose to proceed with your loan, all details are given to the loan processor. In processing, they go through the loan to look at all the details and will request any possible documentation they might need. They also order reports for the property including the appraisal.

Once all required documentation is received, they package it and move it to underwriting. When your loan is in underwriting, it is reviewed in detail. They are looking at things like credit history, employment, and the appraisal report. They will compare what has been provided to what is required for the specific loan product. You might need to provide additional documentation at this time.

Once the underwriter approves your loan application, you are very close to the end of the loan process. They will provide a loan commitment, and the loan moves to the closer, who will work with the title company to prepare all closing documents. This package of documents will be presented to you and the seller on closing day. Each document will be presented and explained in detail, and you will have time to review and ask questions.