How the home financing process works
Your home mortgage consultant will be your central guide through the financing process, answering your questions and helping keep you on track.
The home loan process just got better. Once you've applied, use yourLoanTrackerSM to complete important tasks and check your loan's progress — any day or time, from any computer, smartphone, or tablet. yourLoanTracker is not available with all loans; talk to your home mortgage consultant for details.
Start your application
- Connect with your home mortgage consultant and have a conversation — about your home financing needs and your loan choices. Your home mortgage consultant will also help you understand how much you might be able to borrow.
- When you're ready, your home mortgage consultant will help you complete an application.
- If your loan is eligible, we'll send you an email invitation to sign onto yourLoanTracker. You can use yourLoanTracker to receive disclosures, provide financial documents, and check your loan's progress. You can complete any of these activities by mail or fax if you prefer.
- We'll send you disclosures with information about your loan terms, estimated payments, and closing costs.
- You'll review, sign, and return the disclosures using your chosen method — either yourLoanTracker, mail, or fax.
- You'll also provide other financial documents as needed.
- Based on our initial review, we'll send you a conditional approval letter, which means that your loan will be approved pending the results of additional financial and property review.
A prequalification or preapproval can help you determine a price range for a home. Ask your home mortgage consultant about getting a prequalifcation or preapproval letter.
Participate in the financial and property review
- We'll order an appraisal of your property to determine its current value.
- You'll submit any additional required documents using yourLoanTracker or sending them by mail or fax.
- We'll review all your information in order to make a final decision on your loan.
- Assuming that the appraisal is approved and all documents are received and confirmed, we'll approve your loan and send you a commitment letter and a copy of your appraisal.
- Together, we'll schedule your final closing date.
You'll need homeowners insurance to close your loan. Your home mortgage consultant can suggest an insurance agent to help you find a policy that fits your needs.
Prepare to close
- You'll get homeowners insurance for your new home and give us the information. We'll review it to make sure you have enough coverage.
- We'll provide final disclosures through yourLoanTracker or by mail or fax. We'll also confirm the amount of money you'll need to close your loan.
- You'll arrange to have funds available for your closing.
As required by federal regulations, if your application is dated on or after August 1, 2015, you'll receive your final disclosures no later than three business days before your loan closing. However, if there is a change in certain terms, we'll send you revised final disclosures and give you another three days to review them, which could delay your loan closing. Remember, you can use yourLoanTracker to review and accept your disclosures and help the application process go smoother.
Attend your closing
- We'll confirm your final closing date.
- You'll receive a closing package from your settlement or closing agent. Be prepared to review and sign multiple documents.
- You'll bring a cashier's check to the closing to pay for your closing costs.
- You'll attend the closing and get your keys. Congratulations on your new home!
- You'll determine how you'd like to make your mortgage payments — online, by mail, or by phone.
When you choose online payments, you can also set up an automatic payment schedule to make budgeting easier.