Congratulations on having your offer accepted! Now we are under contract, your best point of contact for questions or information becomes our processing specialist, Terri.
Let's take a look at the timeline of events now that you are under contract. We are already hard at work on your loan and you should expect us to reach out to you soon to schedule a time to meet with Joe.
What is underwriting? How does it effect you? And why do you need to know about it? Here's the basics.
Rate lock extensions are something to be avoided. They can be thought of as a penalty for missing a closing date. There is a balance we want to strike with choosing a period long enough to close, but not too long to pay unnecessarily for a longer lock length than needed.
TRID can be thought of as a cooldown time that kicks in at various points of the loan process. It is something to be aware of and account for when it comes to expectations of loan closing time.
Great news! We are a completely paperless company, so you can feel good about doing business with us. Because of this, there are a couple of things we would ask that you keep top-of-mind to help the process go as smoothly and as quickly as possible.
Getting insurance on your new home is just something you have to cross off your to-do list so that you can focus on the more exciting aspects of owning your new home. Here's how things are a little different, depending on whether you decide to work with a big box insurance company, or a local representative.
Why is an appraisal so important to the real estate transaction, and what needs to happen if the appraised value of the home you are purchasing comes in as less than the agreed purchase price?