Now that you've contracted on your new home, there are a lot of things that take place in the back ground that you never know about. Virtually all of these things are done by or coordinated by whoever is originating your loan.
Since you may not be made aware of what is taking place, we're going to give you a quick reference cheat sheet so you can follow up and make sure these things are being done in a timely fashion.
Your loan representative will be:
You need to shop for Home Owner insurance and, where applicable, Flood insurance and provide a binder to your loan representative. You will also need to lock your interest rate in, if you have not locked your rate already.
That's it really. There are other things that take place behind the scenes, but these are the major third party items that need to be done as part of your loan.
Once everything is submitted and cleared, your closing date will be solidified. At closing, expect to spend about 45 minutes to 2 hours signing documents and asking questions.
Home Buyer Education:
Using Down Payment Assistance
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DOWN PAYMENT SOLUTIONS™
Other Important Links for down payment assistance and first time home buyers:
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