Step #8: Loan Approval
Congratulations! Your loan has been approved and only
time stands in your way from moving in!
Both parties
are notified of the loan approval and all documents are sent to the title
company. Upon receiving the
documents the title company will do final prep work such as conducting a title
exam, and handling title insurance and title survey. These steps are to be certain that the buyer is purchasing
the home and only the home. If the
title examinations come back with any liens or other unsatisfactory marks, the
buyer will be notified and the seller will need to clear the title before
moving to closing.
Prior to
closing the buyer will have one final walk through of the home. This typically happens 24-48 hours
before the closing, and allows the buyer to be sure that the home is still in
proper shape and all repairs or remedies have indeed been completed.
It is time
to start packing (if you haven’t already) because your new home awaits
you!
In Step #9
I’ll discuss the closing and give you a list of items that you should have
prepared to bring along with you.
Until then..
Take care,
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