Provide a copy of your real estate contract ASAP to your loan officer. Time is of the essence. Getting the earliest start possible to process your loan will ensure we meet your deadlines. If you’re buying at the very top of your pre-approved range, we should review the amount of property taxes you would pay with the selected property. This will ensure that your payment is not pushed over your limit. You should also inform us of any HOA fees, as these are typically not included in pre-approvals.
Schedule your home inspection ASAP. Inspections are not required but are highly recommended. The inspection should be completed within 3 days of getting under contract. Once you get satisfactory results, inform us that you’re ready to proceed for the appraisal. If things didn’t turn out so well, let us know what you wish to do. We can renegotiate some repairs if needed or worst case, cancel the contract. If it’s a bank owned home, your agent should make sure the utilities are on so that a thorough check can be completed and an appraiser will not need to revisit the property.
Appraisal. We must ensure the home value equals the purchase price. The appraiser will also note if the home meets the standard safety guidelines for your loan program and will note any repairs needed prior to closing. This is done by a third party and they are paid up front. Appraisers are selected at random and must be ordered through the lender. A typical cost of an appraisal is 400.00 paid via credit card. We collect for this upon getting under contract to schedule the appraisal the day after your inspection. This will take roughly 1 to 1.5 weeks to complete.
Provide all information requested... ASAP. There are multiple documents that may be needed throughout the process. Please fax or email all information and documents to your loan officer as they request. Time is of the essence and any delay on your end can and mostly likely will delay the closing. Just prep yourself that multiple requests will be issued. Processors review files and underwriters will also request additional information. Every case is different with the specifics required. But remember, it’s just part of the standard loan process.
Lock or float your loan rate. Typically this is done after the inspections have gone well and you know you’re moving forward. Call your loan officer when you are ready to lock your rate. There is no crystal ball and ultimately it’s up to you doing decide if you want to lock in or not. We’re here to help and discuss your rate options with you.
Select your homeowner’s insurance policy. The insurance agent of your choice will need a copy of the appraisal to give you an exact quote. Once you have the appraisal report, and you have selected a homeowner’s insurance company, please give their contact info to your loan officer. The policy must cover the loan amount and can have no more than a $5000.00 deductible.
Ensure closing funds are available at least one week prior to closing. Funds from stocks, bonds, etc...Should be available in your account one week prior to your scheduled closing date. Lack of verifiable funds can delay your closing. Speak to your loan officer about where your down payment money is coming from. They can tell you the proper requirements and structure needed. Not all sources of money are acceptable. You cannot take out a loan for a down payment. Gifts can only be given from family members, etc. When applicable, gifted funds should be documented with acceptable gift letters and proof of funds from both the person giving the gift and the receiver of the gift.
Schedule your closing appointment. After your loan is complete, coordinate a time and date with your real estate agent and your loan officer and we will schedule an appointment with the title company. You should not schedule a closing prior to your full loan approval.
Closing. You’re finally ready to sign!
After all docs are signed and the money has been distributed, the title company will take the deed to the county courthouse and officially record the property in your name! Then you’re a homeowner and you will receive the keys from your realtor.
It's that easy! Now don't be scared because RANLife will be there to help you every step of the way.