PROCESSING AND ESCROW 5.1 Contract Acceptance. Once your offer is accepted, your lender will provide you an updated Good Faith Estimate (GFE) and Truth-in-Lending (TIL) form both of which itemize the expected fees and costs associated with your loan. The GFE will provide you the cash-to-close and monthly payment figures. The TIL will summarize your loan costs over the entire life of the loan. 5.2 Locking Your Rate. Now that you have an executed purchase contract, you are free to lock your interest rate at any point. Until you lock the rate on your loan, you have a 'floating' rate meaning it could change daily with market fluctuations. Your lender will be able to thoroughly explain what economic factors are influencing interest rates and counsel you on when to lock your rate. The rate will need to be locked at least 10 days prior to closing so the lender can complete your closing documents in a timely manner. 5.3 Processing and Communication. During the time between contract acceptance and closing, your lender will order an appraisal and complete the underwriting of your loan. You and your REALTOR® will be kept informed of the progress of the loan. 5.4 Underwriting and Final Approval. Once all the necessary information has been submitted, including the appraisal, title work, and your personal documentation, your file is submitted to the lender's underwriter for the final approval. Underwriters are analysts who examine all the data to make sure it conforms to all the guidelines required for that loan. Ultimately, they will determine whether or not your loan is approved. Timely communication between you and your lender is necessary to keep the process going smoothly. Once the loan is fully approved, the lender will be ready to prepare your closing documents leading to the closing and funding step of the transaction process.