Congratulations! You’ve made an offer on a home that’s been accepted. Now, it’s time for more paperwork. Luckily, you completed most of the process on your end when you filled out the pre-qualification papers.
After the seller’s acceptance, your loan officer will require a fully signed contract from your realtor as well as “disclosure documents,” which include all lending disclosures.
Be aware that this first batch of paperwork is just an estimate. Final insurance, title, tax and other figures come from third parties. Once these are all signed and sent to your loan officer, an appraisal is ordered. This is the point at which your loan moves to processing (don’t get too excited, you’ll have to sign all final papers again at closing). A mortgage processor will also examine the home’s title for any legal issues.
The appraisal becomes a critical factor here. If it comes in too low, some buyers will renegotiate their first offer. It’s not over until the post-appraisal offer is final and accepted.
During loan processing, try to be patient. The process can take a few weeks while lenders gather all final figures and fees for closing. If you’ve selected a trustworthy lender, you’ll get periodic updates.
Once the loan is processed, an underwriter will take a final look and make any necessary edits to the paperwork. Part of this process may be computerized depending on your lender, but a human underwriter acts as the final set of eyes on your qualifications. The underwriter has final authority over the approval of your loan.
If any of your paperwork, like pay stubs or bank statements, is more than 90 days old, you could be required to submit updated forms. This is not the time to be moving money around between accounts, making big deposits, increasing credit lines, taking out other new loans, etc. You will have to explain the bank activity in writing and it could cause significant delay.
At this point, you’re almost ready to close. Keep your favorite pen handy.
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The blog and its opinions are expressly that of its author and does not convey the opinions or strategies of the Credit Union and should not be considered financial advice. CommunityAmerica’s Mortgage offers are subject to credit approval and terms may vary based on conditions.