The moment your offer is accepted is exciting, and then most people wonder, "What happens now?" Here's the roadmap I share with every client so nothing is a surprise.
1. Offer accepted
Send your lender the signed purchase agreement right away. This officially starts the loan process. Your earnest money is usually due to the title company or broker within a few days.
2. Lock your rate and finalize your numbers
We'll talk about locking your interest rate, which protects you if rates move before closing. We'll also confirm your estimated payment and cash to close, so you know your real numbers before anything else happens.
3. Sign your initial disclosures
Within three business days of your application, you'll receive a Loan Estimate and other disclosures to e-sign. The Loan Estimate is a standard form that shows your loan terms, estimated payment and closing costs.
4. Pay for the appraisal
Once disclosures are signed, we order the appraisal. An independent appraiser confirms the home's value supports the loan. This is also a good time to schedule your home inspection if you haven't already.
5. File review
Before the file ever goes to underwriting, my team reviews it to make sure everything is complete. This step prevents most of the delays people hear horror stories about.
6. Underwriting
The underwriter reviews your income, assets, credit and the property. Turnaround is often a few business days.
7. Conditions
Almost every loan comes back with a short list of final items, like an updated pay stub, a bank statement explanation or a signed letter. My team sends you exactly what's needed.
8. Clear to close
Once the conditions are met, the loan is approved and "clear to close." This is the green light.
9. Closing Disclosure
You'll receive your Closing Disclosure at least three business days before closing. It lists your final loan terms and costs. Compare it to your Loan Estimate and ask about anything that changed.
10. Closing day
You'll sign the final documents and bring your funds to close, usually by wire or cashier's check to the title company. Always call the title company at a number you know is real to confirm wiring instructions. Wire fraud targeting homebuyers is common.
11. Get the keys
Congratulations, you're a homeowner. In Iowa, don't forget to file your homestead exemption.
What not to do before closing
- Don't open new credit cards or finance furniture.
- Don't change jobs without talking to your lender.
- Don't make large cash deposits you can't document.
- Don't co-sign for anyone.
You can see this same roadmap on my homepage. If you're under contract and have questions, I'm a phone call away.
