Submitting your loan application is just the beginning of the funding process. What happens next often determines how fast—or how slow—your loan closes. Understanding the timeline and expectations helps borrowers avoid delays and move confidently through underwriting.
1. Initial Lender Review
Within the first 24 hours, lenders:
- Check the application for completeness
- Pull credit (if applicable)
- Assign the file to a processor or underwriter
This step sets the foundation for your timeline.
2. Document Request Phase
Borrowers typically need to provide:
- Bank statements
- LLC documents
- ID
- Leases
- Insurance information
- Rehab budgets (for flips)
Missing items create the fastest delays.
3. Underwriting Review
Underwriters analyze the file for:
- Income or DSCR
- Cash reserves
- Deposits and sourcing
- Consistency across documents
- Property details
Any discrepancies create conditions.
4. Appraisal & Rent Analysis
For investor loans, appraisals and 1007 rent schedules determine ARV or DSCR.
This is often the longest external delay, depending on market availability.
5. Conditions & Clarifications
Underwriters may request:
- Letters of explanation
- Missing pages
- Updated documents
- Proof of insurance
Responding quickly prevents your file from being pushed to the next day’s workflow.
6. Final Approval and Clear-to-Close
Once conditions and appraisal are cleared, the lender issues final approval.
This triggers:
- Title coordination
- Closing package
- Wire instructions
- Signing appointment
7. Closing and Funding
You sign the final documents.
Your down payment is wired.
The lender wires the loan funds.
The property is officially yours.
Final Thoughts
The post-application process is predictable when you understand the steps. Borrowers who stay organized, respond quickly, and communicate clearly move through underwriting significantly faster. A clean file leads to a clean closing—and you have control over more of the timeline than you realize.
CONTACT;:WhatsApp: +1 448-230-7488 & phone no : +1-201-680-0991
Email: annie@insightflending.com
