With Steps 1 - 6 behind you it is now time to sit back and relax while the lender does their work. You may be asked to provide some documents during this time but for the most part it is a time of waiting until the day of closing. The loan officer has been building a file on you which consist of documents you provided and what has been gathered in your behalf.
A major part of this process is the appraisal which the lender orders. It is for the purpose of determining that the home is worth the price you are willing to pay and that the conditions meet the minimal standards required by your loan type.
Another part of this process is the abstracting and title work. This is to determine that the property can pass with a clear title meaning no others hold an interest in the property that can prohibit it from a clear sale.
The timing for the seventh step can take 21 - 30+ days (depending upon the lender and loan type). Your file will pas through several underwriter approvals and upon the last approval it will move to the closing process which is Step 8.
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Will getting pre-approved lower your score? Most Credit Scores are not affected by multiple inquiries from auto, mortgage or student loan lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on your credit scores. (copied in part from My FICO). To read the full article CLICK HERE
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Thinking about selling?
Would you like to know:
* How much your home is worth
* How to inspire higher offers
* How long it can take to sell
For a selling consultation call Preferred Real Estate 580-470-8100
or one of our sales associates. Agent Roster