Your offer was accepted, now what?

A knowledgeable lender should guide you through each step of the loan process: answer your questions, explain options and costs, keep you informed, and make sure the closing happens on time. First step, let’s make sure you are pre-approved, then, read on to better understand what happens next. We look forward to working with you on your home purchase.

Step 1: Get Pre-Approved

A pre-approval determines how much money you will be eligible to borrow for a mortgage, based on the required documentation you provide and your credit history. Check out our Document Checklist for the basic information required.

Step 2: Processing

Once you are pre-approved and find a property, your loan file and all documentation is submitted to the loan processor. Once your loan file is completed, the processor submits it to underwriting for approval.

Step 3: Underwriting

The underwriter reviews your loan file to ensure all guidelines are met for the specific loan program and issues a loan decision. Once your mortgage has been approved and all conditions have been cleared, your loan is moved to “Clear to Close” status.

Step 4: Pre-Closing

You will receive a loan commitment letter which contains the details of your loan including rate, amount and term along with any outstanding conditions that need to be addressed before the file is sent to closing.

Step 5: Closing

During closing, you will sign a variety of final documents. Be sure to bring a photo ID along with the proper form of payment. After the closing documents are completed and all funds have been disbursed, you will receive the keys to your new home!

If you want to know more about Fairway Mortgage Reviews, Visit: https://www.fairway-newengland.com

Ref.Source: https://www.fairway-newengland.com/blogs/your-offer-was-accepted-now-what

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