What Needs to Happen Between the Offer and and Closing
You’ve been searching for a home for months. You finally find the perfect house and put in an offer. It’s accepted, hooray! Much rejoicing can ensue, but don’t pop the champagne cork just yet. There is still much that needs to be done between accepting an offer and closing.
Nail Down the Loan
It’s very likely that you have been pre-approved for a loan, but now is the time to officially apply for the loan. Be sure to shop around for the best rate from local lenders or work with a mortgage broker to help you find the best terms.
Appraisal of the Property
When the lender is writing up the loan, they need to know that the home is actually worth the amount of the loan. If the home doesn’t appraise for the offered amount, it could mean that there is a higher chance that the borrower would not be able to pay back the loan. Therefore, the lender will have an appraiser come to the property to make sure that all numbers jive.
In some cases, a lender will require a home inspection. Even if they don’t, home inspection Aurora professionals highly recommend a detailed and thorough home inspection with every new home purchase. A home inspector will look at the structure of the home, the appliances, and the systems. The inspector will go through the house and let you know about any problems or repairs that are needed. This process will both educate you about the house and also alert you to any problems you might want to ask the seller to repair or replace.
Home Warranty and Title Search
A title search will be performed by the title company to ensure there are no liens against the home. A survey may also be conducted to check the home’s acreage. You will be given all reports, which will let you know if there is anything holding the title. If a home warranty was included in the contract of sale, the title company will purchase a home warranty for you, feel free to let them know which one you want if you already had a company in mind.
Terms of Mortgage Created
After all of the aforementioned details, processes have been completed, the underwriters can begin the official terms of the mortgage. The underwriters will take a close look at your financial history and also make sure that you will have enough money to pay the mortgage each month. The company usually needs 30-60 days to complete this process.
The cost for home insurance will be factored into your mortgage, so you will need to get the details to the mortgage company. It’s definitely important to protect your new investment.
Get Funds Ready, Walkthrough, and Closing
The final steps include collecting your funds for your down payment, waking through the home to make sure that any requested repairs were addressed, and then signing all paperwork to make everything official. Now, you can pop that champagne cork and celebrate.
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