Select your new home and negotiate your purchase contract with your seller, or their real estate agent.

Signatures are required of you and the seller.

Select an attorney or closing agent to represent you.

Your attorney or closing agent will verify that all title and deed

transfers are in order. The attorney or closing agent will close your loan at the completion of the mortgage process (#9).

Mortgage application process.

The bank will verify your employment, income, debt, assets, credit score and other information for your loan request.

Your bank will order an appraisal.

The appraiser verifies the value of the property. Once the appraisal is received and approved by the bank, a copy will be sent to you.

Review of loan application.

After all of your information has been evaluated by your bank, the final loan decision will be made. The review process analyzes your income, credit, cash reserves and the property itself. At this point, the bank may request additional information from you to clarify, or answer some questions about your financial picture.

Once your loan is approved, your bank will send you a commitment letter detailing the terms of your loan.

It is time to shop around for your homeowner’s insurance policy. You will need to provide your insurance policy to your attorney or closing agent approximately one week in advance of the closing.

Closing.

A closing date and time will be scheduled by your attorney or closing agent who will conduct your closing. Prior to your arrival, he or she will have retrieved the accurate tax and insurance information for the home, and will review a preliminary settlement statement with you. The closing agent or attorney will have you sign all the necessary documents and will supply you with copies of these documents.