Six steps, and the first one is a conversation, not a credit pull
This is the whole process, written out. Nothing here is a secret and nothing about it should be a surprise in week three.
- Median contract to clear-to-close
- 22 business days (sample)
- Lender quotes per file
- 3 to 5
- Status updates
- Twice a week
The six steps
- 01
A real conversation first
Twenty minutes on the phone or in the Menaul office. We ask about income type, timeline and what your payment ceiling actually is, before anybody pulls credit.
Your part: Nothing to prepare.
- 02
Documents and a soft pull
You upload to the secure portal from the checklist that matches your employment type. We run a soft pull and tell you which credit actions are worth doing first.
Your part: Paystubs, returns and two months of statements.
- 03
The panel gets shopped
The same scenario goes to three to five wholesale lenders on the same morning, because pricing moves daily. You get a written comparison, not a verbal one.
Your part: Pick the column you like and tell us why.
- 04
Pre-approval you can write offers on
A full pre-approval that names the lender, the program and your maximum comfortable payment. Your agent gets a direct line to us for listing agent questions.
Your part: Go and look at houses.
- 05
Under contract to clear-to-close
Appraisal ordered day one, conditions chased daily, and a written status every Tuesday and Friday whether or not anything changed.
Your part: Answer condition requests quickly and change nothing financial.
- 06
Closing and afterwards
We read the Closing Disclosure against the Loan Estimate line by line with you before signing. Afterwards you get an annual review note when rates move enough to matter.
Your part: Bring photo ID and do not buy furniture first.
A normal closing, day by day
This is a straightforward purchase on our panel. Renovation loans, USDA and jumbo files with two appraisals run longer, and we tell you which bucket you are in before you agree contract dates.
- Day 1Contract received. Appraisal ordered, disclosures out, title opened.
- Day 2 to 3Loan Estimate delivered and walked through line by line. Intent to proceed signed.
- Day 4 to 8Initial underwriting. Conditions issued. We start clearing them the same afternoon.
- Day 8 to 14Appraisal returned and reviewed. Value reconciled or challenged with comparables.
- Day 15 to 19Conditions cleared, insurance bound, title commitment reviewed.
- Day 20 to 22Clear to close. Closing Disclosure issued, three-day waiting period starts.
- Day 23 to 25Final walkthrough, signing, funding, recording. Keys.
Timelines shown are sample figures based on typical files and are not a commitment to close by any date.
If you already own, refinancing works differently
The arithmetic is the whole conversation. Run the break-even before you look at a rate.
Rate and term
You change the rate, the term or both, and roll closing costs in or pay them. The test is the break-even in months, not the rate drop in percent.
Cash out
You borrow against equity above the current balance. Pricing is higher than rate and term, and most lenders cap the loan-to-value at 80% on a primary residence.
Streamline options
FHA and VA both have reduced-documentation refinance routes with no appraisal in many cases. They only work if you already hold that kind of loan.
When it is not worth it
If the break-even is longer than you plan to keep the house, refinancing costs you money however good the rate sounds. We will say so.
Process questions
Not covered here? Call (505) 555-0135 or send us a note. Se habla español.
Our median from contract to clear-to-close is 22 business days on a straightforward purchase (sample). Renovation loans, USDA and jumbo files with two appraisals take longer, and we tell you which bucket you are in before you agree contract dates.
Tell us before you do anything. Lenders re-verify employment shortly before closing. A move within the same field is often workable on an offer-letter program, but a surprise is what kills files.
New credit accounts, large purchases, cash deposits, moving money between accounts without telling us, and co-signing for anyone. Furniture can wait three weeks.
Constantly. Agents get a direct mobile number, same-day pre-approval letters and a one-page lender letter for listing agents. See the realtor partner page.