After You’re Pre-Approved! What’s Next?
If you’re wondering, “I have my pre-approval...Now what?”— we’re here to help! When you’re ready to purchase a home, getting pre-approved for a mortgage is your first step. This includes working with your Mortgage Loan Officer to complete the application, run your credit report, and provide the necessary documents for underwriting review.
Step 1: Begin shopping for your dream home.
Now that you’re pre-approved, you can begin shopping for your dream home! We encourage you to work with a local real estate agent to help you find the right home for your specific needs and price range.
Step 2: Make an offer - sign your purchase agreement.
Once you are ready to make an offer on a home, you will sign a purchase agreement. This agreement will spell out the terms of the purchase, such as the price of the home and the target closing date. Once your offer is accepted and the seller has signed, it is important to provide your Mortgage Loan Officer with a copy of the purchase agreement promptly to avoid closing delays.
Step 3: Sign initial disclosures, pay appraisal fee, and submit for underwriting review.
After receiving your purchase agreement, your Mortgage Loan Officer may request additional documentation. You will be prompted to pay your appraisal fee and sign your initial disclosures. Once all items are received, your application will be submitted for processing. At this point, you will meet one of our processors at TruHome Solutions! TruHome is our partner mortgage company. After a brief introduction, your processor will order the appraisal and title commitment, then submit your application for underwriting review.
Step 4: Underwriter reviews your application.
While the appraisal and title work are in progress, our underwriters will complete a detailed review of your application. This will include your credit report and all provided documents, along with the appraisal and title report, once they are received.
Step 5: Conditional approval granted.
After the initial underwriting review is complete, you will receive your conditional approval. If there are conditions that must be met (beyond just the appraisal and title work), your processor will contact you to request these items. We always recommend submitting documentation to your processor as quickly as possible.
Step 6: Coordinate your closing date - close your new home!
Once all required conditions have been satisfied, your loan approval will be issued—we often refer to this as the “clear to close.” The next step will be to coordinate a closing date and time that works for all parties involved.
As we prepare for closing, we may also request your final homeowner’s insurance policy and contact your employer to verify you are still actively employed.
