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The Path

To navigate your project, you need some idea of the steps and milestones. While the renovation loan process is never exactly the same adventure twice, there is a common path.

We’ve guided hundreds of clients through successful projects. The Path is an overview of the process and highlights the milestones you’ll need to hit to close on time. There are ways to accelerate and pitfalls that can slow you down. That’s where TeamReno comes in: We share our experience and the experiences of the many who have gone before. Here is The Path we’ll travel:

Day 1: Agreement of Sale reached

Contact us to begin your official application.

  • We’ll generate documents and disclosures to e-sign
  • We’ll let you know if we need any outstanding items
  • Within 48 hours, you’ll receive a link to pay your appraisal fee- please do this immediately
Work on contractor bid. (It’s not final until its written in detail and itemized!)
  • Project scope defined and priced.
  • Make decisions, use allowances where possible (flooring/cabinets for example)
  • If floor plan is changing provide sketches for clarity

Day 14: Contractor Bid & Home Insurance Quote Due

This is a key step! We’ll review the bid/sketches and either:

  • Confirm you’re good to go or
  • Let you know what is needed to move forward.
At this point you should have a home owner’s insurance agent and quote for us as well.

Day 15: Order Appraisal

The completed bid/sketches are sent to the appraiser.

Day 33: Appraisal Due

Appraisals can take from 2-3 weeks, depending on the location, property type, and complexity of work.

Day 40: Underwriter Review

This is a big milestone. The underwriter will review:

  • Remaining credit conditions
  • Appraisal (30-40 pages)
  • Title search results
  • Contractor validation docs
  • Home Owner's Insurance
** We'll be updating you afterwards on any remaining/needed items to move to being cleared to close.

Day 54: Preliminary Closing Disclosure (CD)

You’ll receive a link from docs@primelending.com to acknowledge/e-sign you preliminary Closing Disclosure. This is not the final version/amount needed for closing; it’s just a draft. It must be e-signed by midnight.

Day 56: Final Loan Approval

This is your clear to close. It means every condition has been met and we’re ready to move to closing!

Day 57: Prepare for closing

  • Confirm a closing date/time/place with the title company
  • We send instructions and closing documents to the title company
  • We work with the title company to create your final closing numbers (a lot of back/forth here)

Day 59: Provide final amount needed for closing

  • We’ll tell you the exact amount you owe
  • You’ll need to get a cashier’s check or wire (we’ll discuss what’s best)

Day 60: Closing Day!

  • Bring your funds and photo ID
  • Sign all loan documents
  • Get the keys!
  • Within 24-48 hour of closing you’ll get instructions on the Draw/Renovation Process
Congratulations – the home is yours! Now the REAL fun begins — it’s time for renovations to start! Our Draw Disbursement Team will be in touch and you may begin the renovations immediately.

Good to know:

  • Goals, not Guarantees: All milestones & dates are targets to help you close on time.
  • You can move faster/slower on the timeline, so be careful of timeframes.
  • Be responsive! Providing things quickly keeps you on track.
  • No two experiences are the same; stay flexible.