My Loan Has Been Approved! Now What’s Next?

After dancing around hysterically once your home loan has been approved, it can feel like a huge weight has been lifted…. but that doesn’t mean you’re off the hook. The time between the mortgage approval and the final signing of your loan documents requires a few extra steps before you can officially call the home yours.

So, What Now??

The status of the vast majority of loan applications is “approved with conditions”. This is referred to as “conditional approval”. The underwriter simply wants clarification and additional docs, mostly to protect himself and his employer.  Your loan officer will contact you with a needs list of documents to provide in order to satisfy the underwriters conditions.

Much of what happens at this point, however, is all handled behind the scenes.  Your lender will verify employment, homeowners insurance and review the appraisal/inspection reports prior to clearing your file of all conditions, and issuing what is called “clear to close’.

Important Things To Remember!

An approval from the underwriter can feel like you’ve just won the race, but until you have the keys in hand it is very important to remember the following:

• check Do Not Quit Your Job!
• check Do Not Open Any New Credit Lines
• check Continue to Pay Bills On Time

• check Do Not Make Any Large Deposits