Stage 4: Closing
With the closing documents gathered and prepared, the borrower submits them to the lender. This is typically done through a secure portal or email, same as the initial submission.
As with the first round of documents, don’t wait until everything is complete to start sending. Submit each item as it’s ready. The lender begins their closing review as documents come in, so early submissions mean earlier progress. An insurance binder that arrives Monday starts to be reviewed on Monday, even if the updated financial statements don’t come until Wednesday.
Tips for a Smooth Document Submission
Two practices that help everything go smoothly:
• Use Descriptive Filenames and Subject Lines
Clear labeling saves time for both you and the lender. Name each file so the contents are obvious – ‘Smith Gas Station – General Liability Insurance.pdf’ rather than ‘scan_003.pdf.’ If submitting by email, use a subject line that identifies you and what’s attached. When sending multiple documents at once, include a brief list in the email body so the lender can confirm everything arrived and match files to their checklist.
• Double-Check That You’ve Submitted All Requested Documents
Before telling the lender you’re done, go through the closing checklist one final time and verify every item has been sent. A missing document means another round of back-and-forth – and at this late stage, even a few days of delay can push the closing date.
