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Mortgage Timeline

Financing Process

One of the biggest questions our team gets asked is about financing and what's needed to keep the mortgage process moving. Here's an overview of what you can expect when financing your new home with The Providence Group.

Prequalification/Formal Loan Application

Prior to negotiating contract (Prequalification) OR within 7 days of contract biding date (Formal Loan Application)

  • Application
  • Identity verification (Photo ID)
  • Income/asset verification
  • Bank Statements for Checking, Savings, and any other financial accounts
  • Pay Stub
  • W2 for the previous year
  • Federal income tax returns and business tax returns (self-employed) for previous 2 years
  • Credit History and Score (Good for 120 days - will likely be pulled a second time within +/- 60 days of close)

Preapproval Letter to Builder

Within 14 days of binding contract.

Lender may require additional items to confirm qualification. These will be communicated through your Loan Officer and or Community Sales Manager.


Conditional Approval Letter

Within 30 days of binding contract date.

There may be conditions applied to the loan approval that will need to be satisfied prior to closing. It is very important that these issues be cleared in a timely manner to avoid delays in closing. Receive, review, and acknowledge the Mortgage Do’s and Don’ts with your loan officer prior to the Build Cycle (Step 4).


Build Cycle

Depends on stage of home at time of purchase 30 days to +/- 6 months

It is imperative that any changes in your financial status be communicated to your Loan Officer immediately. These would include but not be limited to:

  1. Change in employment
  2. Major purchase (Vehicle, Boat, Club Membership, etc.)
  3. Any change to your debt situation (Child Support, Alimony, Credit Card Debt, etc.)
  4. Life Change (Divorce, Marriage, etc.)
  5. No mortgages currently in default or deferment

Loan Confirmation

+/- 60 Days from projected close

1. Borrowers now need to confirm the Loan with their chosen Lender and lock the term options.
2. Our 5 preferred lenders offer a variety of rate lock programs to select during the build process, rate lock programs offered range from 30 to 365 days.
3. Additional documentation and disclosures may be requested. It is imperative that purchasers provide these documents in a timely manner to avoid any delays in closing. Many of these documents will be sent via E-Sign. They must be signed within 24 hours of receipt
     a. Updated financial disclosures.
     b. New Credit Report (Required if original credit report was pulled more than 120 days prior).
     c. Contact Attorney for wiring instructions. They will send via secure email and text message using CertifID.
4. Appraisal ordered by Lender.

Loan Approved and Cleared to Close

+/- One Week Prior to close

1. Buyers will be sent a copy of appraisal

2. Loan documents will be sent to closing attorney

3. Closing attorney will contact Purchase with instructions for closing day and wiring of funds.

     a. Purchaser will receive an Initial Closing Disclosure that must be signed at least 3 days prior to close to

         meet regulatory requirements

     b. The Initial Closing Disclosure will indicate the amount of funds that need to be wired to the closing attorney.

     c. All funds in excess of $5,000 must be wired 24 hours prior to the close date.

     d. Final Closing Disclosure will be sent within 24 hours of the closing and may have minor adjustments for

         taxes, insurance, or HOA funds.


Closing Day!

1. Bring 2 forms of ID and a checkbook to closing.

2. Your Loan Officer will be available for any questions you have during your closing.