What Happens After I’ve Applied for My Loan?
This brief video tells you what to expect after you’ve applied for a mortgage.
Once you’ve supplied the 6 required pieces of information and included any other information the lender deemed necessary, you’ll receive a Loan Estimate within 3 business days.
Waiting is the difficult part, but there are some important things you should not do until after your loan is actually funded and closed!
Very important, be smart, guard your credit while waiting for your loan to close:
1.) DO NOT CHANGE JOBS!
2.) DO NOT BUY A VEHICLE OR MAKE ANY MAJOR PURCHASE!
3.) DO NOT MAKE PALRGE BANK DEPOSITS!
4.) DO NOT CANCEL CREDIT CARDS!
What Happens After I’ve Applied for My Loan? Things NOT TO DO After Loan Application!
Once all the information has been verified if the loan is approved the lender will provide a Closing Disclosure to you three business days before loan consummation.
They’ll usually set a date for loan consummation – which may also be at your closing meeting.
Closing is basically transferring ownership of the property; consummation is commmitting to the loan itself.
Once both are completed, you should be planning your move-in.
At First Title & Abstract, Inc. we believe in “Putting You First!”
We are the most established Naples title company serving Marco Island, Florida and Naples, Florida, and founded in 1978!
And we’re available to help you answer questions at any point of your transaction— not just questions about the title and closing process, but all facets of your sale or purchase.
Please don’t hesitate to call upon us!