The purpose of this article is to explain the terms used in the Mortgage Status Email.
Contract Received - The Purchase & Sales contract has been received by your Mortgage Advisor. Receiving this contract officially moves your application from a pre-approval to a full application, kicking off lots of mortgage magic (running numbers, ordering of services and underwriting).
Initial Disclosures Signed - Your initial disclosures package contains lots of different forms and disclosures. The most important disclosure is the Loan Estimate which summarizes how much it'll cost to work with Redfin Mortgage. Acknowledging that you received a Loan Estimate and signing other forms in this big document is important for regulatory reasons and because it allows us to order 3rd party services needed to originate your mortgage.
Appraisal Ordered - The appraisal is extremely important to the mortgage process. An independent party appraises your future home and confirms that it is acceptable collateral for the mortgage we're preparing for you. This process can take over a week so it's important to order it as soon as possible to ensure a smooth close.
Submitted to Final Underwriting Review - The Underwriter is responsible for making sure we have all the proper documents in order and have done all our calculations correctly to issue a mortgage that meets all internal and government guidelines. Depending on your file the Underwriter would have already looked at your file one or many times already, but this is their last opportunity to make sure we have all our ducks in a row before closing
Clear to Close - Everything looks good on our end, you're ready to close!
Closing Disclosure Delivered - We've confirmed that you have received the Closing Disclosure. This is important because the government requires us to deliver this document to you at least three days prior to closing.
Closed - You and the seller have signed all the closing documents. It's time for money to change hands.
Funds Released - All the money that the escrow company has been holding has been given to the appropriate people. It's time to get the keys to your new home!