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What to Expect: From Application Through Closing
Know what to expect after submitting your home loan application.
Your PNC Loan Officer and your home lending team will assist you from application through the closing process. But here’s an overview of what you can expect:
Step 1: Loan application Submitted
You’ve worked with a PNC Loan Officer to submit your home loan application and supporting documentation.
Step 2: Loan Estimate and Intent to Proceed
- PNC will provide your Loan Estimate three (3) business days after we receive your application.
- Your Loan Estimate outlines the terms of your loan, including the loan amount, interest rate, projected payment and closing costs.
What you need to do: If you haven’t already, contact your Mortgage Loan Officer to confirm that you want to proceed with your application. Please sign and return the forms enclosed in your welcome package and any additional documentation requested.
Step 3: Documentation
- Your Mortgage Loan Officer will work with you to verify your loan income and/or assets
- Buying: If an appraisal of your home is required, the appraiser will contact your realtor to schedule an appointment.
- Refinancing: If an appraisal of your home is required, the appraiser will contact your borrower to schedule an appointment.
What you need to do: If you receive a request for additional information, it’s important to respond as quickly as you can or your closing date may be impacted.
Step 4: Loan Decision
- After we’ve reviewed your loan application, your Mortgage Loan Officer will notify you by phone or email to provide initial approval of your loan.
- If your loan is not approved, you’ll receive a letter explaining the decision.
What you need to do, as applicable: Insurance needs to be in place prior to final loan approval. Now’s the time to decide on homeowner’s, flood and other coverage. Please see below for more on types of insurance and insurance FAQs.
Step 5: Final Approval
- Your Mortgage Loan Officer will call or email you regarding your loan status and final approval.
- All loan conditions and requested information needs to be received prior to final approval. Closing typically takes seven (7) to ten (10) days after the final approval.
What you need to do: In some cases, we may ask for additional documentation prior to final approval. If requested, it’s important to act as quickly as possible.
Step 6: Closing
- PNC will provide your closing date along with your Closing Disclosure so that you receive this information three (3) business days before the closing date. Your Closing Disclosure includes details on the terms of your loan, including the loan amount, interest rate, expected payments, closing costs and more.
- For the closing, you’ll need to bring your homeowner’s insurance policy and other required insurance policies, a certified check for all closing costs and valid photo ID.
- Please check out our Closing Costs section below for more information.
What you need to do: Let your Mortgage Loan Officer know immediately if any changes need to be made to your Closing Disclosure. This could delay closing.
Additional Resources:
- Track and manage your home loan application every step of the way with PNC Home Insight® Tracker. Learn more and get started »
- Learn more about recent home lending regulatory changes, how these changes impact you and the home buying process. Visit the Consumer Financial Protection Bureau consumerfinance.gov and the Mortgage Bankers Association.
Let's Talk
Discuss your preferences, learn more about your loan options, and see if you are pre-qualified.
Want a more complete picture of your home lending loan?
Explore the Understanding Home Lending Center to learn the mortgage process, find the right loan or line of credit for you, and explore options to lower your payments.
Mortgage Application Checklist
Mortgage Application Checklist
Use this list to gather what you need to apply for a home loan.
To apply for a home loan, you’ll need to provide information about your income, assets and debts, plus any circumstances that may impact your ability to repay.
Be prepared to provide some or all of the items below:
INCOME VERIFICATION
- Pay stubs for the last 30 days
- W-2 forms for the last two years
- Child support/alimony - Child support agreement and/or divorce decree and/or 12 months
- Award letter/1099 for social security, pension and disability
IF YOU ARE SELF-EMPLOYED
- Signed, completed tax returns for the past two years, including personal, partnership, and corporate, if applicable, including all schedules.
- Year-to-date business profit and loss statement for current year, if more than three months have passed since the end of the tax year
- Current balance sheet
ASSETS: SOURCES OF FUNDS/DOWN PAYMENT
- Original bank statements for the last three months, including savings, checking, and investment accounts
- Stocks and securities account statements for the last three months
- Closing Disclosure or Listing Agreement if using funds from the sale of property
- Sale of asset – proof of ownership, proof of sale, and proof of funds transfer
- For gift funds – a gift letter, evidence of transfer, and sometimes evidence of withdrawal
PAYMENT HISTORY
- Cancelled rent or mortgage payment checks for the past 12 months, if not available on credit report
- Copy of land contract, if applicable
- Child support/alimony
- Bankruptcy/Consumer Credit, if applicable
ADDITIONAL INFORMATION, IF APPLICABLE
- Purchase agreement, including legal property descriptions and any addendum
- Explanation of discrepancies on credit
Closing Costs 101
Get a better idea of what fees and charges to expect during the closing process— whether you're buying a home or refinancing.
Buying a Home:
The closing is the final step in the home buying process. Make sure you’re prepared to pay closing costs, which can be up to 3% - 5% of the purchase price.
Within 3 business days of your complete application, the lender will provide a Loan Estimate that details the fees, charges and other costs you can expect to pay beyond the sale price of your home. Closing costs typically include:
- Origination Fees - These are the lender’s charges for processing your mortgage.
- Settlement Services - These charges cover expenses paid to other parties on your behalf, including fees for appraisals, title search, credit reports, document recording, inspections and conveyance taxes.
- Property Insurance - Your loan approval conditions will require you to prepay for the purchase of one year of insurance coverage to protect your new home.
- Interest Prepayment - If you close a loan before the end of the month, the lender will require you to prepay interest on the loan for the number of days remaining in the month.
- Tax & Insurance Escrow Deposits – If required by your loan approval terms, you’ll also have to make initial deposits into your escrow account to pay for real estate taxes and insurance.
- Mortgage Insurance - If you put less than 20% for a down payment, you may be required to have mortgage insurance and make an initial mortgage insurance payment at closing.
- Discount Points - Sometimes, you can obtain a lower interest rate by paying points to your lender. A point represents 1% of the loan amount.
- In the terms of FHA this would be the total loan amount which includes the Up Front Mortgage Insurance Premium. But this lump sum is allowed to be financed into the loan, so you don't have to actually write a check for it at closing.
Lowering These Costs
Most settlement services must be purchased by the lender, but you can shop around for others to get the lowest possible price. And in some cases, you may be able to ask the seller to cover some or all of the closing costs.
But if you can’t, be prepared to pay up to 3%- 5% to cover your bases.
Refinancing:
When your refinancing is finalized, you won’t pay all the closing costs of your original mortgage, but be prepared to pay origination charges, up-front costs and discount points if applicable.
At the time of your application, the lender will provide a Loan Estimate that details the fees you may pay. Closing costs for a refinance may include:
- Origination Fees - These are the lender’s charges for processing your mortgage.
- Settlement Services - This covers expenses paid to other parties on your behalf, including fees for appraisals, title search, credit reports, and document recording.
- Interest Prepayment - If you close a loan before the end of the month, the lender may require you to prepay interest on the loan for the number of days until the end of the month, depending on the option chosen.
- Tax & Insurance Escrow Deposits - Depending on your situation, you may have to make initial deposits into an escrow account to pay for real estate taxes and insurance.
- Discount Points - Sometimes, you can negotiate a lower interest rate by paying discount points at closing. Typically, each point represents 1% of the loan amount.
- In the terms of FHA this would be the total loan amount which includes the Up Front Mortgage Insurance Premium. But this lump sum is allowed to be financed into the loan, so you don't have to actually write a check for it at closing.
Lowering These Costs
Most settlement services must be purchased by the lender, but you can shop around for others to get the lowest possible price. And in some cases, lenders may cover some or all of the closing costs. But if they don’t, be prepared with about 3 percent of your loan amount.
Ask a PNC Mortgage Loan Officer about our no closing cost option.
Important Legal Disclosures & Information
PNC, PNC HomeHQ, PNC Home Insight®, Home Insight® and PNC AgentView® are registered service marks of The PNC Financial Services Group, Inc. ("PNC"). PNC has pending patent applications directed at various features and functions of Home Insight Tracker, Home Insight Planner, and PNC AgentView. All loans are provided by PNC Bank, National Association, a subsidiary of PNC, and are subject to credit approval and property appraisal.
PNC Bank, National Association. Member FDIC.
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