escrow. home buying

Driving the Transaction Toward a Timely Close

The homebuying journey is one that involves a number of steps, milestones, and deadlines. So, today, we wanted to share with you a visual representation of this process, along with answers to some commonly asked questions. If you have additional questions or would like more information about our services, please get in touch. We are here to support you and your escrow needs!

Driving the Transaction

Buyer FAQ

Is there a loan estimate resource? 

Why is pre-approval important? 

Having a qualified and seasoned loan originator do a thorough review of a borrower’s creditworthiness in advance can avoid any surprises during escrow. 

How do I know if a house is within my budget?

Check out the home loan toolkit here.

I signed the contract, what is the next step to making sure we close on time? 

 Submit the five items needed to each lender you are shopping to receive a loan estimate within 3 days. Click here for Loan Estimate Explainer.

 When can I expect to sign loan documents? 

Work diligently with your lender to ensure loan documents are delivered to escrow the week before your contracted close/disbursement date to ensure a smooth and timely close. Ask selected lenders at open of escrow if they have the bandwidth to deliver loan documents to escrow on the SPECIFIC date needed.

Where can I find the contracted close of escrow date?

 It is on page one of the escrow instructions.

How can I understand more about the terminology contained in my Loan Estimate? 

Find the most common key terms here

How do I know if loan documents will be delivered on time? 

The lender has no further conditions that need to be met 10 days before closing and you receive the FINAL Closing Disclosure at least 3 days before closing. In California, what is the difference between the contracted “Close of Escrow” date and the Mortgage “Close Date”?

 The closing date on your escrow instructions is the date you promised the seller to take ownership of the property. This is the date the deed will be ready to be recorded. All loan and buyer funds are required to be receipted. The Mortgage Close Date is a term to describe the date you sign the loan documents. Loan documents are customarily signed a few business days prior to the close of escrow.

Whom can I call for information on how and when to send closing funds? 

Call the number on page one of your escrow instructions. The wire instructions for the initial deposit will be the same for closing funds. Avoid wire fraud by calling the number on your escrow papers received at the opening.