Did you finish your week 1 homework? When you’re under contract, by this time you should have dropped off your earnest money, completed and turned in all of your lender paperwork, ordered your homeowner’s insurance, and completed your home inspection.
How did your inspection go? The hope is always for a positive result, but if for any reason things turned ugly, you can always back out of the transaction and have your earnest money returned. That possibility is exactly why the contract is contingent upon receiving a satisfactory inspection—you want to be sure you’re getting your money’s worth.
Assuming your inspection comes back positive, we’ll then move on to the processing of the asset itself. You’ve already done most of the heavy lifting prior to this point: your completed paperwork, as well as approved financing using the Competition Crusher, are ready to go. Now you can relax as qualified third parties do their job to manufacture the house and make it compliant with your loan program parameters.
Leave the work in week 2 to your lender, title company, appraiser and realtor as they move you to the finish line, putting all the moving parts together to close on the house.
On my end, my loan processing team will follow up with you to make sure all the necessary borrower items needed are in your file, ready to be approved by the underwriter. We’ll also be expecting title and appraisal updates, and will pass the information along to you once we receive it.
You’ll need to start thinking about what you want your down payment and final loan amount to look like. Our team can then start crunching numbers, helping you know and identify the best options for you. We’ll also assist you in finalizing your housing budget and identifying the total amount of cash needed to lock in your interest rate.
Be on the lookout for correspondence from us so we can finalize your interest rate lock, loan amount, and start calculating your cash to close. We’ll see you in the next lesson as we give you a heads up on what you can expect in week 3!