Loan Structuring Call - Virtual meeting using Zoom/Teams to set up your loan options and address any questions and concerns. Your Loan Officer will send out your prequalification letter and Loan Estimate list after the call.
Disclosures - Receive your initial set of disclosures (Non-binding and required for file setup)
Loan Documents - Send your initial needs list back to us via email. The team will request any additional documents that may be needed.
Setup/Processing/Underwriting - The team will review your documents and move your loan forward to set up then processing, then underwriting for your initial underwriting review
Once you have your loan conditionally approved, your interim wait time will begin. The file will be on hold till approximately 60 days until closing. If you have any questions or concerns, please reach out to the team.
Documentation Update - During this time, the Southern Home Team will update your file for closing. The first thing we will do is refresh your credit report. After that, your processor will check if the documents that we have on file (paystubs, etc.) are the most current and if your file is complete. Any items that your processor requests from you are highly time
sensitive.
Locking your rate - Please reach out to your loan officer at this time to lock in your interest rate. Within three days of locking your rate, you will receive a DocuSign disclosure bundle with your updated estimated terms from our team. It is very important that you DocuSign the bundle in a timely manner. Please reach out to one of our team members with any questions. We’re happy to help!
Underwriting Re-review - The underwriter will review your new documents and information and advise if any additional clarification or documentation is needed for final approval (if so, your processor will promptly reach out to you).
Insurance - We will verify your insurance information with the insurance provider you have selected for homeowners insurance. It is very important that you provide the Southern Home Team with the name and contact information of your homeowners insurance provider 30 days in advance, no later than 20 days prior to closing to prevent delays.
Final Required Third Party Verifications - Around this time, we will conduct required audits and verifications that must be completed within 10 days of your closing date. It is very important that you do not change your employment information or marital status, or apply for any new lines of credit during the loan process.
Closing Preparations - Our closing department will begin preparing your documents for closing. During this time, we will connect with the title company and other third parties to finalize our figures.
Underwriting Final Approval Submission - Upon receipt of the final required third party verifications, your loan will be resubmitted to underwriting for final approval.
Appraisal - Your appraisal will be received for your new home, and we will send you a copy for your records upon receipt. If you do not receive a copy of your appraisal at least prior to closing, please contact a member of our team.
Closing Disclosure: Once all your figures are confirmed with the title company, builder, insurance provider, etc., you will receive a closing disclosure from our closing department via DocuSign. This document will contain the final amount you will need to bring in a cashier’s check payable to the title company. It is very important that you sign this final closing disclosure immediately upon receipt on the same day. It is time stamped and we are held to very strict guidelines by the federal government. Failure to do so could delay your closing.
Closing: You will have received closing instructions (date, time, address, etc.) by this time. We recommend that you print these instructions. On the day of closing, bring your cashier’s check payable to the title company, your driver’s license, and your spouse if he/she is not on the loan with you to your appointment. Because Texas is a community property state, your other half must also be at the closing.
