Home Loan Approved: What’s Next

After successfully attaining mortgage loan approval and sending in the financial documentation needed by your mortgage lender there’s a few things you’ll want to do in in preparing to wrap up the home buying process.

You will want to do all final inspections with your real estate agent. If any additions to the purchase price or the terms of the transaction have changed; perhaps due to an appraisal or some other external factor, make sure you and/or your real estate agent communicate that information to the mortgage lender because it will affect the outcome of the loan.

As a home buyer you also want to give your 30 day notice to your landlord if you are presently renting. Providing your landlord written notice at this time will save you money on being charged extra rent when you have already moved out of your home and into the new one that you’re buying.

The next item is to find out from your mortgage loan lender when they anticipate your file to to be in the final mortgage loan approval status. From there,it will be a matter of your lender sending the docs to the title company and having them prepare a closing statement that you can review.