What you can anticipate during processing and underwriting.
Once the seller accepts your purchase offer, a series of tasks commences, mandated to be accomplished within the "due diligence" period outlined in the purchase agreement. The primary initial requirements for home purchase include obtaining full underwritten approval from the lender, conducting an appraisal, and arranging for home inspections as stipulated by the loan type and contract.
Several documents acquired during the underwriting phase:
Feel free to contact us anytime with questions about your loan status or next steps.
Things to be aware of
Ensuring your paperwork is up-to-date is crucial, requiring you to promptly provide any newly available pay stubs and bank statements during the underwriting process.
Once your final loan package is submitted, the underwriters will assess the property, title, and the information you've supplied. The duration for final approval and the conditions list, ranging from a few days to several weeks, depends on factors such as obtaining a final letter of explanation for credit report findings, an official verification of employment, and an updated hazard insurance policy from your home insurance agent.
Refrain from making significant changes in your bank accounts.
Avoid applying for new credit or settling old collections.
