MOVING FROM PRE-APPROVED

So you’re under contract, now what? No reason to feel anxious! We are here to walk you through every step. Now would be the time to reach out to the Micham Group to update your documentation, revisit loan options, and lock your interest rate. Once we ensure you are comfortable with all of your loan terms, we will get your appraisal ordered and move your loan file into our ops department so they can get to work on all the things that happen behind the scenes. We’ll explain more as we proceed through the steps.

HERE’S YOUR ASSIGNMENT

Now would be a good time to start shopping for home insurance and consider ordering a home inspection. While a home inspection isn’t required for most loan programs, it is highly recommended and will give you greater confidence in the investment you are making. If you need a recommendation for either of these services, just give us a call.

Visit our FAQ section, question #6, to learn the difference between a home inspection and a home appraisal.

THINGS ARE MOVING FORWARD.

During this step, the loan processor will add a second pair of eyes to ensure all necessary documentation has been collected for underwriting. The processor works behind the scenes in completing the necessary verifications, collecting the title work, and organizing the file.

IS THERE ANYTHING WE SHOULD KNOW?

A title search will reveal if there are any liens or claims on the property that you may not be aware of and that could affect the purchase. A property title search will also confirm the property’s rightful legal owner.

MAKING THE COMMITMENT.

Your file is moving along. Time for loan underwriting. During this step, all loan documentation is reviewed against lending guidelines to ensure the proper I’s are dotted and T’s are crossed. This step of the process is often completed prior to receipt of the appraisal. If everything is in line, a final credit approval will be given pending receipt of the appraisal but don’t fret if the underwriter asks for a condition or 2. This is just a normal part of the process.

THE RESULTS ARE IN

The appraisal report is back. It may take a day or two for our collateral department to review, but a member of our team will update you on value and let you know if there are any potential concerns.

Visit our FAQ section, question #6, to learn the difference between a home inspection and a home appraisal.

CONGRATULATIONS!

You’re loan has been final approved. You are through the most tedious steps of the process. There are only a few final steps to be ready to close. At this point, a member of our team will complete the final verification of employment and order your final home insurance policy at which time the processor will send your file to our closing department.

YOU’VE MADE IT!

Your loan is now in our closing department. Just a couple of additional steps and you will be sitting at the closing table and making plans for the movers.