Loan Approval & Closing Disclosure

- Loan Approval and Closing Disclosure is the seventh step in the mortgage process and marks the moment when your loan is officially cleared to move forward to closing.

- Once the underwriter has reviewed and accepted all documentation and conditions, your lender issues a final loan approval, confirming that you meet all requirements and the property qualifies for financing.

- At this stage, you’ll also receive the Closing Disclosure, a detailed document that outlines your final loan terms, interest rate, monthly payments, and all closing costs.

- By law, you must receive this disclosure at least three business days before your closing date, giving you time to carefully review the figures, compare them to your initial Loan Estimate, and ask your lender any questions.

- This step is crucial because it ensures full transparency and prevents last-minute surprises.

- Reviewing the Closing Disclosure thoroughly and addressing any concerns immediately will help ensure a smooth path to the final step—closing on your new home.