Close the Deal

After you’ve made a purchase offer and it has been accepted, you might think that the hardest part of buying a home is over. The truth is, you’re only about halfway to the finish line. You still must get the home inspected, have it appraised, get a report on the title, lock in your interest rate, get your loan funded, get insurance… among other things. Your lawyer and the other professionals on your team will handle many of the details, but don’t give up control of the process. Remember, it’s your investment. You have to stay informed and actively involved to make sure things run smoothly.

Step 1: Move to full approval
Following pre-approval, your loan representative will instruct you to provide the required supporting documents. The loan representative will then submit your loan application, along with the documents, to the underwriter. Soon thereafter, the underwriter will return one of four possible decisions about your application: approval, approved with conditions, suspended (more documentation required before a decision can be rendered), or denied.

Step 2: Get an appraisal and inspection
What is an appraisal? What is an inspection? Why are they so important? 

Step 3: Closing the deal!
You’ve come a long way toward owning a home. There’s a good chance you’ve been approved for your loan and seen your appraisal go through. At the very least, you are working toward those milestones. So what’s left to do?

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