If a borrower's annual percentage rate (APR) changes beyond the specified tolerance (0.125 % in most cases), mortgage lenders are required to reissue corrected disclosures
before final loan documents are signed.
Talk to an FHA approved lender that understand your situation and compare loan offers and disclosures from multiple finance companies before making a commitment and
signing final loan documents.
· Usually, your lender will require you to lock in your rate at least a week before your closing so that
the final loan documents can be prepared for settlement.
Once underwriting is complete, all conditions have been satisfied, and documents signed, it usually takes 24 - 48 hours to get
the final loan documents processed, and another 24 - 48 hours to get the loan funded.
After your complete loan application is fully approved (we call it Clear - to - Close), your file goes to the Closing department who will complete
your final loan documents and send them (and the money) to the title company for signing on your scheduled closing date.
Not to worry, no other terms of your loan can be changed after you have signed
your final loan documents.
Once your loan has been approved by underwriting we will contact you to arrange for the signing of
your final loan documents.
Once it is approved through underwriting, the next step is setting up the loan terms and signing
the final loan documents.
Review
the final loan documents.
All final loan documents must be executed in front of a notary as there are documents that require notarization such as the deed of trust.
At the closing, you will sign
all your final loan documents, including a promise to pay, and the mortgage, which secures your promise to pay.
Review
the final loan documents at the lawyer's office.
After your mortgage file is lender complete (meaning there are no longer any borrower conditions outstanding and the mortgage is ready to fund), you will be required to sign
the final loan documents.
All final loan documents must be executed in front of a notary as there are documents that require notarization such as the deed of trust.
Closer to Home, 15 day guarantee is defined as Xceed Financial Credit Union will have cleared all lender conditions so that
final loan documents are ready to be sent to the member's closing agent within 15 business days.