You have successfully completed the pre-approval process to purchase the perfect home, and after tirelessly searching for the dream home, you finally found it! With the help of your trusty real estate agent, you make an offer that is accepted. However, there is still more to be done. Read through this closing timetable of an accepted home offer so that you have the knowledge needed to sail through this process worry-free!
Week 1
Your offer is accepted and this is your first week under contract. You were pre-approved for a mortgage, but now it’s time to fill in the gaps. You will provide any missing documentation and make sure that the specific property you chose meets underwriting guidelines.
A home inspection is one way of insuring that you are getting the best deal for the property. It reveals any hidden issues, and provides your loan officer with more information on potential appraisal issues.
Week 2
You have your inspection results, and the initial offer will be negotiated based on the findings of the inspection. This week you should get quotes on homeowners insurance to get a more clear picture of your monthly mortgage payment.
Week 3
This week you will be fully approved as a borrower and the purchase price will be solidified. Now you get the property appraised. The goal is to have an approved property value and condition for homeowners insurance purposes.
Week 4
You are so close to officially buying that dream house! You may have some loose ends to deal with, but you will soon get the green light that you are clear to close.You will have an agreed upon closing date. All that is left is the formality of actually signing the papers!
The mortgage approval process can be a beast. However, if you know what to expect, you won’t be as stressed out when you are required to provide income, bank account, and other related documentation. This is a completely normal part of the approval process that every borrow goes through.
Will it help you to have a timetable of an accepted offer to closing? Contact me today and I would be happy to help you through this home buying process!