Insure an On-Time Closing

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Mortgage Loan Time Line

We are seeing a surge in mortgage applications with interest rates at rock-bottom lows and housing at incredible values (see sidebar below for today's rates).  The lending industry is working within tight constraints to ensure on-time closings. Having your "docs" in a row will insure your application is at the top of the pile and gets processed and closed quickly and painlessly!

 Key pieces to keep in consideration

In order to begin processing and underwriting the following items need to be in your file:
1) Complete loan application and signed loan docs -- Yes docs must be signed and returned (Hedges Mortgage Group uses Docusign to make this step quick and easy!)

2) All required support documentation, including:

• Income verification—pay stub, tax returns, W2s 

• Verified funds to close—Most recent bank statement(s); all numbered pages with balance to cover funds to close for downpayment and closing costs and required reserves. If you are using a gift or 401K for this be sure you have it lined up and ready to validate.

• Copy of Driver’s license

• Ratified contract

• Authorization to order appraisal

Each loan will also have special documentation that is unique to a borrower, pre-approval helps you know which other documents you will also need, such as:

• Landlord contact (for renters),
• Purchase agreement and/or final HUD 1 (for current homeowners)
• Separation agreement, divorce decree, or free trader agreement
• Proof of VA eligibility
• POA
• Proof of student loan deferment
• For rehab or NC Housing loans we will also need additional specialized documents  

PROCESSING STARTS HERE—PLAN YOUR CLOSING 30 DAYS AFTER ALL DOCUMENTS HAVE BEEN SUBMITTED AND YOU WON’T MISS A CLOSING DATE*

*If the loan is a rehab, is going to NC Housing or USDA, it will need complete underwriter approval before submission and may be subject to additional conditions. Allow an extra two weeks.
Expect a 45 day closing  for REHAB,  USDA or NCHFA.

We can pre-underwrite for credit and assets prior to going under contract, in which case we need all of the above with the exception of the ratified contract and appraisal. This is the best way to make everything move quickly once going under contract.

If it takes two weeks to get the last support documentation or authorization for the appraisal, please know this can delay our closing by this amount of time if we are working on a 30 day timeline.

Give us a call, we are here to make your loan close smoothly and ON TIME!
919 961-6915