Home Buying 101: Timeline & Expectations

Key Steps in the Mortgage Process

Buyer's Duties

• Complete application

  • 2 year history

    • Employment

    • Residence

  • Accurate income

Lender's Duties

• Analyze application and pull credit

• Run through online underwriting

• Issue preapproval

30-60 Days from Closing - Lock in Your Rate

Buyer's Duties

• Written or verbal confirmation to lock rate

• Start shopping for insurance

Lender's Duties

• Lock in interest rate

• Issue early disclosures

• Request documentation

  • Order appraisal

20 Days from Closing - Documentation

14-20 Days from Closing - Underwriting

Buyer's Duties

• Homeowners insurance premium and policy finalized

Lender's Duties

• File submitted to underwriting

7-10 Days from Closing

Buyer's Duties

• Loan suspended pending additional documents

• Approved or denied

  • If approved, schedule closing with lender

Lender's Duties

• Clear any final underwriting documention requirements

• Schedule closing with borrower

3-7 Days from Closing - Closing Disclosure

Buyer's Duties

• Review electronically delivered closing disclosure at least 3 business days before closing

• Call lender with questions

Lender's Duties

• Perpare and email closing disclosure at least 3 business days before closing

Buyer's Duties

• Bring funds to closing via cashier's check or wire

  • Purchase: payable to title company

  • Refinance: payable to Pinnacle Bank

• Bring driver's license

Lender's Duties

• Review closing documents with borrower(s)

• Exchange loan proceeds funds with title