Purchaser applies for pre-approval as soon as possible after meeting with Realtor.
Purchaser makes an offer with an initial deposit.
When the offer is accepted, it becomes a binding contract.
Home inspection is done, if called for in the contract, and purchaser releases inspection contingency if no major problems are found.
Seller and seller’s agent provides lender with current lien holder’s name, address, account numbers and a copy of the deed.
Lender order’s appraisal.
Appraiser calls seller and seller’s agent to set appraisal appointment.
Once processor and originator receive and review documentation and establish that it is complete and correct, the loan is packaged and sent to underwriting.
Underwriting approves the loan request (with or without conditions) , rejects or sends for further information.
Once all additional requirements are satisfied, then the loan is approved and all parties are notified.
Insurance, necessary inspections, repairs, survey, title, etc., are ordered.
Closing is scheduled by lender and all parties are notified.
Closing takes place and title is transferred from the seller to purchaser. The new deed and mortgage are recorded amd made part of the public record at the County Clerk’s office.
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