Aurora CO Homes For Sale The First Time buyer process Pt. 4

Aurora CO Homes For Sale.

So your offer was accepted?

Congratulations!

You have the contract accepted on the Aurora CO Homes for sale that you wanted and the pre-approval letter from your mortgage lender. Now it's time to start the loan process. First thing to do is to make note of all of the dates listed on the contract. It is very important that you and your team (Real estate agent and mortgage lender) know these dates. It can cause a lot of issues if something is missed.

You need to get together with your mortgage lender as soon as you can. They will then put together the list of items that they need from you. Any updated paystubs; bank statements; things like that. It is very important that you get these put together and sent out as soon as they are requested. Any delays in the getting the correct paperwork to your lender can cause a hold up in the loan process.

You will also need to get an appraisal done during this time. Normally your mortgage lender has someone that they recommend. depending on the type of loan that you are doing, the lender might order it directly. The appraiser will look the house over. They will them compare it to the neighborhood and the other Aurora CO homes for sale to be sure that the agreed upon purchase price is fair for the home. To make sure that the home is worth what you are paying for it.

After the underwriter has seen the appraisal and all of your documentation, they will issue a conditional approval. This approval will show if there is anything else that the underwriter would like to see on your file before they give it the final ok. Most often, it's items such as updated contracts and proof of down payment.

Communication is the key to making a purchase transaction go well. As long as everyone knows what is going on, it's a lot easier to work as a team to get it done. Be sure to keep in contact throughout the process. Your lender should be calling you with regular updates.

As soon as everything is signed off on - YOU ARE READY TO GO! Up next is the closing process. What to expect and what to bring with you.