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Process from Contract Ratification to Closing

Congratulations on getting your contract ratified! Now what?
 
Loan Process:
  1. Now that you have a ratified contract, your loan application gets activated once the property address, sales price and loan amount are included.
  2. Loan disclosures specific to the transaction are sent to the borrower and any additional third party documentation, such as additional paystubs or bank statements are ordered.
  3. The appraisal, which determines the market value of the home, is ordered.
  4. The interest rate can be locked at any time now up until 10 days prior to settlement.
  5. The file is processed (all required documents compiled) and submitted for underwriting approval which is an evaluation of whether the loan meets the guidelines for the loan program.
  6. Upon approval, the loan is moved to the closing department for preparation of settlement documents.
Realtor Tasks:
  1. Coordinates home inspection (looks for flaws in the house), termite, mold, etc.
  2. Makes any required adjustments to the contract and prepares sales addendums
  3. Coordinates final walk-through
  4. Negotiates any issues with selling agent and or seller
  5. Don’t close old, paid off accounts.
Settlement Company Role: 
  1. Checking the title to make sure it's clear and the seller can transfer ownership.
  2. Obtain the payoff and obtain release of any loans or liens on the property
  3. Obtain title insurance for the lender and typically the buyer
  4. Conduct the closing in which the buyers and sellers come together and execute the necessary paperwork
  5. Release prior owners interest in the property, record the buyers interest in the home, record the new mortgage
 
 

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