Pay for the Appraisal
All lenders require an appraisal. It’s how they determine the collateral (the home) is worth at least as much as they’re lending you. If you default on the loan, they know they can take possession of the home and sell it to get their money back.
Stay in Contact with your mortgage advisor
The underwriter holds the key to your loan approval. Even if you were pre-approved, there will be conditions you must satisfy. The faster you provide the documents required, the smoother your closing will go. If you don’t hear from them for a while, check in to make sure there aren’t any missing documents.
Don’t Do These Things before Closing
To keep your loan approval and ensure your closing goes well, don’t do the following until AFTER you close:
Closing on your home purchase is exciting! If you take the steps above, it should go smoothly, although any financial transaction can have its hiccups. The key is to work closely with your real estate agent and lender to make sure you’ve handled all the details to close the loan on time.
If you got pre-approved for financing before looking at homes, you did some of the legwork beforehand and should be in good shape to close on time.