Next Step

mmedov01

Hello Everyone,

 We have signed the contract for the house we like. We already contated our mortgage broker and started on application and getting all the papers together. What is the next step? How long does it take for appliacation to get approved? When do we find out the percentage that we will get? In our contract it states we have 7 days to do inspection, is that normal to do inspection before mortgage approval? 

 Thank you,

Rita

car_ramrod

It is normal to only have 7 to 10 days to do the inspection so it usually occurs before mortgage approval.  Are you preapproved so you are fairly sure you will get approved?  Did you lock in your interest rate?  Once you have a signed contract you can lock in your rate.  It is just a guessing game if rates will stay where they are or increase/decrease.

You need to get your inspection going right away because you only have 7 days to request any fixes or walk if you need to.  If that time period expires you can not walk for inspection reasons. 

mmedov01

We did not lock the rate yet, since we just signed the contract and in the morning i will be faxing over our contract. How does it work with private broker, will she be looking for the best rate?

Tomorrow i will be calling for inspection! What happens with the application for mortgage, how long does it take and when the application is accepted, will we need to give more documets? 

 Sorry just want to be ready.

 

Tweetysvoice

We called the Loan officer and locked in the rate within just a couple days of sending in the contract. Did you give a set time for the sellers to respond to your offer?  I would agree that the inspection is next. Once you have that back, then you can start making offers as to what you are willing to live with and what you require them to fix.  (I'd ask for more than less, because all they can do is say No.) We were lucky and the sellers agreed to repair everything we asked for. Once the repairs were accepted we go on the phone to our insurance agent to get a home insurance quote. Be sure they send it to your loan officer. That's really going to help with finding out the exact costs for the downpayment and escrow. Good luck with everything and everyone on this board has been SOOO helpful with me during the process. Don't feel like you are asking silly questions! 

mmedov01

We already signed the contract with seller, so tomorrow i will be faxing it to my broker. So i guess tomorrow i will be making appt for inspection.

 Thank you