The Loan Process

You should NOT BE shopping for a mortgage at this point in time as it was covered in step 2, but if you are shopping for a lender then you need to have this done no later than 5 days from the date of contract execution to begin the mortgage loan process. During the 20-25 days before closing, the lender will be finalizing your mortgage. It is very important not to make any major job changes, major purchases, or open new credit cards or lines of credit, as any of these activities could alter your qualifications for a loan.

The Do's and Dont's of the loan process

Make Sure That You Do Not:

Make Sure That You Do:


During this time an appraisal is order by the mortgage company.  This value is an estimate of the value of the property by a licensed professional appraiser. Once any problems during the inspection are solved, the appraisal will be ordered by the lender and paid for by you. The goal of the appraisal is to verify the value of the property for the lender and to protect you from overpaying. The contract is contingent upon whether the appraisal comes in at or above the purchase price. If the appraisal comes back short, we will be back to the negotiating table.

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