In the short period of time between when your mortgage loan finally gets approved and closing time there are many things that you need to get done. This time can be hectic and you need to know just what needs to be done. You might not realize it but there are a bunch of things that you can do in order to help the process go smoother and faster. You will want to have to have all of the required documents with your application. This will help things along nicely and if your lender asks for some more documentation the sooner you give it to them the better off you will be. Keep checking o the status of your application with the lender to see how things are going and if there is anything else you can do. You can even contact your real estate agent about this. Since you will need to give all of your employment documentation to the lender you should consider letting your employer know what is going on, as he or she will probably be contacted at some point. It is a good idea to give them this heads up because then they will be able to get any documentation they need ready for when the lender calls. While you are waiting for your application to go through there are a few things that are happening. The underwriter are kicking it into high gear at this point going over every little detail that you have provided them with. They will check to make sure that everything is accurate and in good order. They will phone you boss to make sure that you have not lied about your work or your salary and they will check out your credit report. The lender will want to do an appraisal on the property that you want to have mortgaged in order to see if it is really worth what you are asking to borrow. This appraisal will affect the majority of your mortgage, your terms and your rates. The appraiser that is used with be a licensed and independent appraiser that you can both trust. This person will go over the physical structure of the house and property and they will also see what other homes in the area are worth at that time on the market. A title search is a necessary part of getting your mortgage approved. Some homes or properties have previous claims on them and a lender does not want to put out the money so that you can buy one of these, if they were to do that they would stand to lose all of the money that they lent out to you for your mortgage so they have a title company do a title search. This search will show if anyone else has any kind of claim on the home. For this search they will search the history of the property very thoroughly. This will show up any liens, mortgages, easement rights or any other legal entitlement. Flood certification is something that is very important to the lenders as well. If you are purchasing a home in a flood prone area then the lender will require that you get flood insurance. The lender will get a vendor to come in and analyze the flood risk that your home poses. IF there is a chance that your house could get flooded then you will have to purchase a special policy to cover any damage that could occur. There is also a chance that your property lines will have to get surveyed by a professional to make sure that the property lines are the way you have been told. |
