What happens after I get approved?

Applying for a loan means your have met with a mortgage broker or loan officer to determine your how much you would qualify for based on your income, assets and credit history. You will determine which loan program best suits your needs once your have found the property you are going to buy. After you have been approved for a home loan, a series of events takes place. 

Contact your Realtor and begin the process of shopping for a home that meets your criteria.  Once you have found a home and a contract has been negotiated and signed, fax the contract to your loan officer.

• An inspection may be ordered. There will be an inspection fee, and the contract should specify who pays for any repairs needed.
  
• Prepare for Closing
  Get a list of things from your lender that you must take care of before closing.
  
   
• Set a Date for Closing
  Choose a closing date that allows you time to gather the necessary money and information. Also, inspections of the home will be scheduled and the loan documents will be prepared. Allow time for any repairs to be made, if you have an interest rate locked in, be sure your closing date is before the deadline of that rate lock.
  
• We will supply you with a second Good Faith Estimate with estimated taxes and insurance for your specific property
  
   
• More Required Items
  You may receive a letter that lists any other documentation that will be required. Some examples are as follows.
  
   
• Property Survey - The property survey will outline the property boundaries and show encroachments (if any), such as fences and other buildings. If there are any serious encroachments, they must be corrected before closing.
  
   
• Termite Inspection - Many areas legally require homes to pass a termite inspection, and all FHA and VA loans require one. If a termite inspection is required you must give Frontier Mortgage a copy prior to closing.
  
   
• Homeowner's Insurance - Lenders require you to carry insurance for the replacement cost of the property. Action First Mortgage will require proof of insurance prior to closing. Contact your insurance company for pricing.
  
   
• Title Insurance Policy - All lenders require title insurance to protect them against claims of property ownership by anyone other than the borrower. The Title Company issues the insurance policy after conducting a title search.
  
   
• Flood Insurance - A flood insurance policy is necessary for any property located in a flood plain.
  
   
• Water and Sewer Certification - If the property isn't served by public water and sewer facilities you'll need certification from the local government that you have a private water source and sanitary sewer facility.
  
   
• Certificate of Occupancy for new construction. Depending on your local laws, for a new home you'll need one of these before you move in. The builder should get it for you from the city or county.
  
• A third and final good faith estimate will be prepared based on accurate taxes, insurances, survey if needed, title company fee and document preparation fee.
  
     
• Final Walk-Through with your Realtor - Within the last one or two days before your closing, you should take one last look at the home to verify that any earlier repairs were made and that there are no new damages.