What to Expect After Your Offer Is Accepted

As soon as your offer is accepted, send your mortgage advisor a copy of the accepted offer or purchase and sale agreement.

We'll review the important details, including:

We'll also update your loan figures based on the actual property and purchase price so you have a clearer picture of your estimated monthly payment and cash needed for closing.

• Purchase price
• Down payment
• Financing contingency
• Closing date
• Property information
• Any seller credits or concessions

Your pre-approval got you to this point. Now it's time to turn that pre-approval into an actual mortgage application for the property you're purchasing.

We'll review your financing options and confirm the loan program that makes the most sense for your situation.

Depending on the buyer and property, that could include Conventional, FHA, VA, USDA, Jumbo, or a first-time homebuyer program.

We'll also discuss your interest rate and whether it makes sense to lock your rate based on your closing date and current market conditions.

Once your mortgage application is updated for the new property, you'll receive your initial loan disclosures.

These documents outline important information about your mortgage, including your loan amount, interest rate, estimated monthly payment, closing costs, and other loan terms.

You'll typically receive these electronically and can sign them online.

Don't be intimidated by the number of documents. We're available to walk you through the numbers and answer your questions before you sign.

Even if you provided documents during the pre-approval process, we may need updated information once you're under agreement.

This can include:

Responding quickly to document requests is one of the easiest ways to help keep your closing on schedule.

• Recent pay stubs
• Updated bank or investment statements
• Employment documentation
• Identification
• Homeowners insurance information
• Documentation regarding deposits or funds being used for closing
• Additional documents requested by underwriting

Your home inspection is separate from the mortgage process, but it's an important part of purchasing a home. A professional home inspector can help identify potential issues with the property and give you a better understanding of the home's condition. Your real estate agent will generally help coordinate the inspection and explain any deadlines contained in your contract.

Your lender will typically require an appraisal to provide an independent opinion of the property's market value and, depending on the loan program, review certain aspects of the property's condition.

Once the appraisal is completed, we'll review the results with you.

If the property appraises at or above the required value and there are no significant appraisal conditions, the loan can continue moving forward.

If an issue comes up, don't panic. We'll explain what it means and work with you, your real estate agent, and the appropriate parties to determine the next steps.

Underwriting is where the lender performs a detailed review of your mortgage application.

The underwriter will generally review your:

It's very common for an underwriter to request additional documentation or clarification. A request for additional documents does not necessarily mean something is wrong with your loan.

Our job is to help manage these requests and keep the process moving toward final approval.

• Income and employment
• Credit history
• Assets and funds for closing
• Property and appraisal
• Loan program requirements
• Other documentation related to the transaction

Before closing, you'll need to secure homeowners insurance for the new property.

You can generally choose the insurance company you'd like to use.

Once you've selected your coverage, provide your insurance agent's information to your mortgage team so we can coordinate the required documentation.

This is also a good opportunity to shop around and compare coverage and premiums.

This one is important.

From the time you're pre-approved until your mortgage closes, try to keep your financial situation as stable as possible.

Before speaking with your mortgage advisor, do not:

Even seemingly minor changes can affect your mortgage qualification.

When in doubt, call us before making the change.

• Open new credit cards
• Finance furniture or appliances
• Buy or lease a new vehicle
• Make unusually large bank deposits that may be difficult to document
• Move significant amounts of money between accounts unnecessarily
• Change jobs or compensation structure
• Co-sign a loan for someone else
• Take on new debt

As we get closer to closing, we'll work toward satisfying the remaining loan conditions and obtaining final approval.

You'll also receive your Closing Disclosure, which provides the final details of your mortgage transaction, including your loan terms, monthly payment, and closing costs. We'll review your final figures with you so you understand how much money you'll need for closing and what to expect on closing day.

Shortly before closing, you'll typically complete a final walk-through of the property with your real estate agent. This gives you an opportunity to confirm that the home is in the expected condition and that any agreed-upon repairs or changes have been completed.

On closing day, you'll sign the final documents necessary to complete your purchase.

Once the transaction is completed and ownership is transferred, you'll officially become the owner of your new home. Time to get the keys and celebrate!