Frequently Asked Questions

Once you’ve submitted your application, our team reviews the information and documents needed to prepare the loan for the selected lender.

We’ll check what has been provided, identify missing items, and help you understand any questions before the loan is submitted.

The process generally includes:

• Loan setup: Confirming the transaction, program, and property details.
• Document review: Collecting and reviewing relevant income, credit, asset, and other records.
• Loan submission: Sending the loan file to the selected lender.
• Underwriting: The lender evaluates the borrower, property, and program requirements.
• Conditions: Additional information may be requested before final approval.
• Closing preparation: Required disclosures, title work, insurance, and signing arrangements are coordinated.

We’ll keep you informed as the file progresses and explain what you need to do at each stage.

We’ve organized our homebuying process into eight essential steps so you can understand what happens from the beginning of your home search through funding.

1. Get Pre-Approved: We review your financial information and help determine potential financing options.
2. Find Your Home: You work with your real estate agent to shop for a home and prepare an offer.
3. Loan Submission: Once you’re under contract, we prepare your application and supporting documents for the lender.
4. Underwriting: The selected lender reviews your financial information, property, and loan requirements.
5. Approved With Conditions: We help you address the additional items needed for final approval and discuss available rate-lock options.
6. Clear to Close: The lender has cleared the required conditions, and the transaction moves toward closing.
7. Loan Closing: You review and sign the required mortgage and transaction documents.
8. Funding: The lender releases the loan proceeds once the applicable funding requirements are satisfied.

We’ll help you understand what each step involves and what information may be needed from you.

Underwriting is the lender’s formal review of the loan to determine whether it meets the applicable approval requirements.

The lender may evaluate:

• Income and employment
• Credit history and monthly debts
• Bank accounts and available assets
• Property value and eligibility
• Occupancy and loan purpose
• Loan-program requirements
• Additional documentation related to the transaction

The underwriter may approve the file with conditions, request more information, or issue another underwriting decision.

An initial underwriting review may take only a few business days in some situations, but the complete process can take longer depending on the file and outstanding requirements.

We’ll explain the requests and help you understand what happens next.

Additional documentation is a normal part of mortgage underwriting.

Lenders may need to verify that information is accurate, current, and consistent with the selected program’s guidelines.

For example, an underwriter may ask for:

• Updated pay stubs or bank statements
• Verification of employment
• Documentation of a large deposit
• A letter explaining certain information
• Additional property or insurance records

A request for more documentation doesn’t automatically mean there’s a problem with your loan.

Our team will help you understand what the lender is asking for, why it matters, and how to provide the information needed to move the review forward.

An approval with conditions means the lender has reviewed your loan and identified additional requirements that must be satisfied before final approval.

These are commonly called underwriting conditions.

Conditions may involve updated income information, bank statements, employment verification, property documents, homeowners insurance, or clarification of a particular financial transaction.

At this stage, we’ll help you:

• Understand what each condition means.
• Identify the documents or information required.
• Review documents with you when appropriate.
• Submit the requested items to the lender.
• Follow up as the lender reviews outstanding conditions.

Our goal is to help you address each condition efficiently so the loan can continue toward final approval.

Clear to Close generally means the lender has received and approved the required information and cleared the outstanding conditions needed to move toward closing.

That doesn’t necessarily mean you’ll sign documents immediately.

The lender and closing professionals still need to complete the applicable closing preparations, which may include:

• Finalizing closing figures
• Providing required disclosures
• Confirming insurance and title details
• Coordinating signing arrangements
• Confirming the anticipated funding schedule

We’ll work with the lender and settlement professionals to keep you informed about the remaining steps.

The timeline depends on your loan, property, documentation, lender requirements, and the parties involved in the transaction.

For a home purchase, a typical closing may take approximately 21–45 days after you’re under contract, although some well-prepared transactions may close sooner and others may require more time.

Factors that can affect the timeline include:

• How quickly documents are provided
• Underwriting and lender workload
• Appraisal scheduling and review
• Title-related issues
• Homeowners insurance
• Outstanding underwriting conditions
• Changes to the borrower or transaction

Starting with a detailed pre-approval and responding promptly to requests can help reduce avoidable delays.

We’ll discuss the expected timeline for your particular loan rather than promise a closing date that depends on factors outside our control.

If you expect to be out of town around your closing date, let your Lock It Mortgage loan officer know as early as possible.

Depending on your loan program, lender, and state requirements, we can help coordinate available signing options, which may include:

• Signing at another location: Arranging for a mobile notary or settlement professional where you’ll be staying.
• Remote online notarization: Signing eligible documents remotely when permitted.
• Power of Attorney (POA): Allowing an authorized person to sign certain documents on your behalf, subject to lender approval and applicable requirements.

Not every signing option is available for every mortgage. For example, some cash-out refinance programs restrict the use of a Power of Attorney.

We’ll work with the lender and closing agent to review your options and help coordinate an acceptable signing arrangement.

Letting us know ahead of time can help prevent unnecessary closing delays.

Before closing, you’ll receive the required loan disclosures, including the Closing Disclosure for most covered mortgages.

The Closing Disclosure provides important details such as:

• Loan amount
• Interest rate
• Monthly payment
• Closing costs
• Cash needed to close
• Prepaid and escrow amounts

For most covered transactions, you’re required to receive it at least three business days before consummation, subject to applicable rules.

At closing, you’ll review and sign the necessary mortgage and transaction documents through the appropriate title company, escrow company, closing attorney, or settlement professional.

Take your time reviewing the documents and ask questions about anything you don’t understand.

We’ll remain available to help with mortgage-related questions, while the settlement professional handles the applicable closing procedures.

Closing and funding are related, but they aren’t always the same event.

Closing generally refers to the signing and completion of the required mortgage and transaction documents.

Funding is when the lender releases the loan proceeds after the applicable requirements have been satisfied.

For some home purchases, funding and recording may occur on the same day as signing. In other transactions, they may happen later.

For certain refinances and home-equity loans, an applicable right-of-rescission period generally must expire before funding.

We’ll explain the expected timing for your transaction and coordinate with the lender and settlement professionals as the process moves forward.