My offer was accepted, now what?

The question, “my offer was accepted, now what?” is a common one. First time home buyers usually have no clue of what to do from there. The following is a list of things you can expect from your mortgage lender and realtor. -You should already have a pre-approval and inspection, so now you need to decide if you want to continue with the person who gave you the pre-approval or find a new lender. Once you decide, your lender will prepare the initial mortgage disclosures and send to you to sign and date. Along with the package should be a list of items(for ex.-copy of ID, paystubs, W2’s, tax returns, bank statements, copy of Home Owners insurance) you will need to gather for underwriting and submit along with the signed disclosures. You should make this a priority and return all docs and requested items within 3-5 days. -During the time you are signing your docs and preparing the underwriting items your lender orders your appraisal and title insurance and the sellers agent should receive a call from the appraiser to set up a time for them to come inspect the property. The report usually takes 3-5 days to get back to your lender. Title work will be sent directly to your lender so you really have nothing to worry about there. -Once your appraisal is complete and sent to your lender you should be notified by the processor or Loan officer as to what the value came in at. Also, if you paid for the appraisal you are legally entitled to a copy and the lender must provide it. If the value is in line and the deal can continue then the loan will go to underwriting. -Most banks/lenders/brokers do their best to meet the commitment date and will issue the commitment pending items that may still be required for a full loan approval. So don’t be surprised if you are asked to furnish additional documents during the entire process. -Once approved, a settlement date can be established. The estimated settlement date will be in your agreement of sale (AOS). Reality is that you can’t close unless the money is ready. -Last step- Usually the day of settlement there will be a final walk through just to make sure any agreed upon terms and conditions are met. Like, the fridge is still there cause that was part of the agreement. Your loan originator should convey the amount of funds due at closing the day before so you can obtain the certified funds. Usually checks are made payable to the title company, as they act as the legal non-interested third party and disburse all funds. Bring your ID and a well stretched hand because you will be signing everything all over again. After you sign you will be handed your keys and will most likely hear the words “Congratulations” being thrown around the room. For more info on “my offer was accepted, now what?” visit www. Phillyfinance.com and call the number for professional advice.