Start the loan. Once agreed-upon terms have been presented to the seller and your offer has been accepted, it’s time to contact your lender to start gathering the information required to finalize the purchase.
Find an inspector. Though not required, having a home inspection is a good idea. The inspector will examine the home and note any items of concern that could affect the value of the property. If there are any red flags, you have the option of asking the seller to take care of it or making the repair yourself. Your realtor and your lender can help you find a good inspector.
Appraisal. Your lender will request a licensed appraiser to visit the property and assess a value based on the recent sales of similar properties to determine the market value of the property.
Loan approval. Once the appraisal and loan documents have been reviewed by an underwriter, it’s time to schedule your loan closing with an attorney.
Loan closing. At the loan closing, your attorney will have you sign many documents. These documents will transfer ownership of the property to you. You will also sign the loan documents and pay the amount that isn’t covered by the loan proceeds. Your lender will let you know what this amount will be during the loan process.
Still have questions? Reach out to a Loan Officer today. We’re here to help.