What’s next? Once final approval is obtained, the file moves into a closing queue. Federal guidelines require that a borrower receives an initial CD (Closing Disclosure) at least 3 days prior to closing.

For instance, if a borrower receives his or her CD on Monday, then the earliest the deal could close would be the following Thursday. Weekends are a little trickier, because Saturdays technically count as a “day”, but Sundays don’t. If a buyer receives his or her CD on Thursday, then the earliest the file could close would be the Monday after the weekend. Don’t worry about remembering all of this; we’ll help walk you through it when the time comes!

Once the CD gets sent, we always review it with our borrowers to make sure there aren’t any questions and that the numbers are right BEFORE we get to the closing table. These documents are designed to be transparent to the borrower, but there’s still a lot to process. That’s why we’re there every step of the way!

Once it’s time to close, all documents will be signed and notarized at the title company where the contract was escrowed. When all documents are executed and funding authorization has been given, you will be a homeowner!