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.
|How Much Can You Afford To Purchase? It doesn't take much effort to find out. Just a phone call, a little financial information, and permission to run your credit check. Within a few hours you will know how much you can afford to purchase Contact a lender|
How much is your home worth? Don't rely upon realtor.com and zillow computerized zestimates to determine your home's value. Call a Preferred sales associate. We know the market, we understand buyer's expectations, and we know where value can be added Contact us.