Now that you have found “the house” a lot is going to be happening to get you to the closing table! The following steps outline the entire process so that you understand what is happening behind the scenes!

1. Contract Accepted – The Loan Officer will receive the contract after all parties have signed it.
2. Items From You – Please submit all documents listed on the upfront info flyer.
3. Preparation of Your Documents – Loan Officer will update your information and input the details of the home you are purchasing.
4. Mortgage Application – Loan Officer will send your file to the compliance department and they will email to set up an account. The PIN that you will need will be in the instructions. You will then be able to view your documents. Please e-consent to these within 48 hours of receiving them.
5. Assistant – The Loan Officer’s assistant will take over and will reach out to you and send any documents that need to be signed. My assistant will order your appraisal and reach out to the attorney to get the title search started.
6. Processing – The Loan Officer’s processor will order your tax transcripts from the IRS, verification of employment & review everything to make sure we have all the items for the underwriter to review.
7. Underwriting – After the processor has put together a complete package of all documentation, the file is sent to the underwriter. The underwriter is responsible for determining whether the package is deemed an acceptable loan. Once it is approved you will receive your mortgage commitment letter. If any additional items are needed from you they will be listed in the mortgage commitment letter.
8. Closing Disclosure – The closing disclosure will be emailed to you. It will list all the fees and have your estimated amount needed for closing. You will need to e-consent to this document at least 3 days before closing. Delay in e-consent will delay your closing.
9. Final Review – Remaining items requested will need to be turned in and then your loan will go back to the underwriter for the final review. If all items are acceptable the underwriter will issue a clear to close!
10. Clear To Close – Finally! Your closing date will be scheduled and your attorney will call you with the exact figure that you will need for closing. You will need to bring a cashier’s check and your driver’s license to the closing!

Congratulations, you are officially a homeowner! If you have any questions about this process please call us at Tidewater Mortgage Services, Inc.!