The following summary is intended to help you understand the various stages you will encounter from sales contract to settlement.
Contract to Application:
- Your loan officer will schedule a time and location for your loan application.
- The loan application must occur within seven days from the date of contract as stated in your purchase agreement.
- Gather all information from the application checklist for your appointment, including a check made payable to NVR Mortgage for credit reports (check with your Loan Officer for amount).
- Use this form to gather all the information you will need when you visit your loan officer. NVR Financial Information Sheet (PDF)
Application to Approval:
- After your application, your file is registered and turned over to your loan processor.
- Your loan processor reviews the file for all necessary income, asset and credit documentation. Your processor may contact you for remaining documents needed to submit for full underwriting approval.
- Once all documentation is received and reviewed, your processor will submit the file to our underwriting department who will assess your loan profile and issue a credit decision.
- Upon loan approval, you will be notified by the loan processor of any outstanding conditions that are required prior to closing. It is in your best interest to satisfy these conditions expediently.
Approval to Pre-Closing:
- You can expect regular contact from us regarding updates on the status of your loan approval.
- If you are on a budgeted savings plan, save all bank statements reflecting deposited monies as well as documentation supporting the deposits (i.e. pay stubs).
- Save all copies of bank statements showing any earnest money checks clearing from the account.
Pre-Closing to Closing:
- Roughly 60 days prior to the estimated delivery date, your loan processor will call and send a letter detailing any documentation needed for final loan approval. Although you have provided the majority of the documents at loan application, some of your documents may have expired per lender guidelines and will need to be updated.
- It is imperative that you supply your conditions to your processor no later than 30 days prior to settlement as these conditions will need to be reviewed by the underwriting department to prepare your loan for closing. It will take approximately 10 days from the date you submit your last condition to our office before your loan will be ready for settlement. If conditions are received less than 10 days before your scheduled settlement date, your date may need to be rescheduled.
- 60 days prior to the estimated delivery date, the appraisal for your new property will be ordered through a licensed and approved home appraiser. The exception is VA loans which are ordered when home is 95% complete.
- We will gather homeowner’s insurance information from you and request a copy of the insurance policy that will be issued on your property. If you have paid in advance, we will require a copy of a paid receipt to show evidence of insurance covering a one-year period. You may also request to have your premium paid at closing and we will collect the premium at settlement.
Locking in Your Interest Rate:
- Once you are sixty days within closing, you can "lock-in" your interest rate and points. To lock your rate you must speak with your Loan Officer, who will provide you with the current interest rate and discount points (if any) for your loan program. We can lock-in your rate any business day between 11:00 a.m. and 4:00 p.m. It is your responsibility to ensure that you are within 60 days of closing when you lock your rate. A good time to call is typically after your pre-drywall inspection.
- During this phase, we prepare most of the documents that you will sign at closing. Tax and insurance information is gathered and we will share preliminary closing figures with you prior to closing.
- Once the closing figures are received from your closing agent, your loan officer will contact you and communicate the amount of money needed at closing. Funds should be brought to closing in the form of a Cashier’s Check or a Certified Check payable to your closing agent.
- You will receive a letter with a date, time and location for settlement at least 10 days prior to settlement.
- Settlement will be performed by a settlement agent from your closing agent. At closing you will review and execute all documents associated with the sale and transfer of the property.