Your questions, answered simply

Disclosures are required legal documents, including your official Loan Estimate, that outline your loan terms, estimated costs, and your rights as a borrower. Signing them promptly is essential: we cannot submit your file to underwriting until disclosures are signed. The sooner you sign, the sooner your loan moves forward.

Your rate can change at any point until it is locked, due to frequent market fluctuations. Most buyers lock at or shortly after going under contract to protect against movement. Your loan officer will walk you through timing and lock period options (typically 30 to 60 days). Once locked, your rate is set as long as your loan terms don't change.

The appraisal is typically ordered after inspections are complete and the buyer is comfortable moving forward with the purchase. Most loan types require you to pay for the appraisal at the time it is ordered, and we don't want you paying for it if inspection results cause you to walk away. Once ordered, results typically come back within 1 to 2 weeks. If the home appraises below the purchase price, your loan officer will walk you through your options.

In many cases, yes. Gift fund rules vary by loan type, so talk to your loan officer early to understand what's allowed for your specific loan. In all cases, the donor must sign a gift letter confirming the funds are not a loan, and a paper trail (bank statement showing the transfer) is required.

This is strongly discouraged. Lenders are required to source and document all large deposits, and cash is very difficult to trace. Even well-intentioned deposits can raise flags and slow down or jeopardize your approval. If you need to deposit funds, talk to your loan officer first so it can be properly documented.

Do not open new credit accounts, make large purchases on credit, change jobs, move large sums of money between accounts, or co-sign on any loans. Any of these can impact your credit score or debt-to-income ratio and could delay or derail your approval.

Underwriting is the lender's formal review of your finances, the appraisal, and the title to verify everything meets loan guidelines. The underwriter's job is to confirm you qualify and that the property is a sound investment for the lender.

Initial underwriting typically takes 3 to 5 business days, though it varies by lender and loan volume. Your loan officer will keep you updated on status throughout.

Start shopping as soon as you're under contract. Your lender will need proof of a policy (called a binder) before closing, and it's often required to satisfy underwriting conditions. Getting it lined up early prevents last-minute delays.

Your loan officer will reach out at key milestones, but you are always welcome to ask for an update at any time. During underwriting, things can feel quiet for a few days, and that is usually normal. If you haven't heard anything in 3 to 5 business days, don't hesitate to check in. Open communication is always encouraged.

It means you're on track. A conditional approval is very common. The underwriter has reviewed your file and is satisfied overall, but needs specific items, such as an updated pay stub, a letter explaining a large bank deposit, or homeowner's insurance, before issuing a final approval.

As quickly as possible. Every day a condition goes unanswered is a day your closing could be delayed. Your loan officer will clearly communicate what's needed. Treat these requests as top priority.

Conditions can come in quickly or take a few days depending on what's needed. Your loan officer will communicate as things develop, but please don't hesitate to reach out if you have questions. The more responsive you are to condition requests, the faster your file moves to final approval.

Lenders are required to use the most current version of your financial documents. Pay stubs, bank statements, and similar items have expiration windows in the underwriting process (typically 30 to 60 days). We're not asking again because something was lost. We just need the most up-to-date snapshot to satisfy lending guidelines.

The Initial Closing Disclosure (ICD) is a detailed summary of your loan terms and estimated closing costs. Federal law requires you receive it at least 3 business days before closing. This waiting period is mandatory and cannot be waived. Review it carefully and ask your loan officer about anything that looks unfamiliar.

Not quite. The ICD reflects current estimates. Final numbers are confirmed once the lender's closing team balances with title and escrow, which happens after clear to close.

Several factors can shift the number between your Loan Estimate and Closing Disclosure: rate changes if you hadn't locked yet, adjustments to prepaid items like property taxes or homeowner's insurance, changes to seller concessions, or lender credits. Your loan officer will walk you through any differences so nothing catches you off guard.

CTC means your loan has been fully approved by the underwriter. No more conditions, no more document requests from underwriting. At this stage the file moves to the closing department, and while rare, the closer may need an additional item (often related to gift funds or similar). This is the green light everyone's been working toward. Important: CTC is not the finish line. Do not make any large purchases, open new credit, or spend frivolously until your sale is fully closed, funded, and recorded. Your file can still be reviewed right up until closing.

Yes. Lenders typically run a soft credit pull and may re-verify your employment within days of closing. This is another reason it is critical to avoid opening new credit, making large purchases, or changing jobs until your loan has fully funded and the sale is recorded.

Once the lender's closer and title/escrow have balanced the final numbers, you'll receive your confirmed cash to close figure. Your loan officer or closing agent will walk you through the final breakdown before closing day.

Via wire transfer or cashier's check; personal checks are not accepted. Your title company will provide wiring instructions. Always call to verify wire instructions before sending funds. Wire fraud is real and common. Never rely on instructions sent by email alone.

It means your closing documents have been sent from the lender to the title company. The title company will review them, prepare your signing appointment, and confirm your closing time. This is one of the final steps before you sit down to sign.

A valid government-issued photo ID and your payment for cash to close (wire transfer confirmation or cashier's check). Double-check the amount with your loan officer the day before.

Plan your final walk-through 24 to 48 hours before closing. Confirm the home is in the agreed-upon condition, any negotiated repairs are complete, and the seller's belongings are out.

It depends on your state. Some states allow you to receive your keys immediately after closing. Others require the sale to be recorded with the county before keys can change hands, which may push things to the next business day. Your real estate agent is the best person to answer this for your specific state.

PITI stands for the four components of your monthly mortgage payment: Principal (the portion that reduces your loan balance), Interest (the cost of borrowing), Taxes (your share of annual property taxes, collected monthly), and Insurance (homeowner's insurance, and mortgage insurance if applicable). Your lender combines all four into one monthly payment.

An escrow account is set up by your lender to collect and hold funds for your property taxes and homeowner's insurance. Each month, a portion of your payment is deposited into this account. When those bills come due, your lender pays them directly on your behalf. This ensures they're never missed and protects both you and the lender.

Two things to keep in mind. First, you may still receive a property tax bill in the mail after closing. Do not pay it. Your lender handles that through your escrow account. Just verify the payment is showing as paid through escrow and contact your loan servicer if anything looks off. Second, keep an occasional eye on your escrow balance. If your property taxes or insurance premiums increase, your escrow account can run short. When that happens, your lender will adjust your monthly payment upward to cover the difference. Catching a growing shortfall early gives you time to plan for it.

Mortgage payments are due on the 1st of each month and typically have a grace period through the 15th. Your first payment is usually due on the 1st of the month following your first full month after closing. For example, if you close in July, your first payment is due September 1st. Payments are made for the full term of your loan (commonly 30 years).

You'll make payments to your loan servicer, which may or may not be the same company that originated your loan. It's common for loans to be transferred to a different servicer after closing. You'll receive written notice with payment instructions. Always wait for official written notice before changing where you send payments.

Your credit is typically pulled at least twice. The first is a hard inquiry at application, which may cause a small, temporary dip in your score. A second check, usually a soft pull, is often run closer to closing to verify no new accounts have been opened or new debt taken on. This is another reason why it is so important to avoid opening new credit or making large purchases until after your loan has funded and the sale is recorded.

A small, temporary dip after your loan application is completely normal. The hard inquiry from your application can cause your score to drop by a few points. Other common causes include opening new accounts, increased credit utilization, or a late payment. The most important thing is that your score stays within the range your loan was approved for. Avoid new credit, keep balances low, and pay all bills on time throughout the process and your score should remain stable.

Lender's title insurance is required by your lender and protects their financial interest in the property for the life of the loan. It does not protect you. Owner's title insurance is optional but strongly recommended. It protects you as the homeowner. If a title issue surfaces after closing, such as a previously unknown lien or a dispute over ownership, owner's title insurance covers your legal costs and any financial loss. Without it, those costs come out of your pocket. Both policies are typically purchased at closing through your title company.