You’ll need to provide us with additional documents. Stay alert for requests and notifications from your loan officer. In addition to your loan officer, you’ll need to work with several third-party service providers. You’ll have the opportunity to shop for and compare prices on some of these services.
Submit Documents and Answer Requests From Your Loan Officer
Once you’ve decided to proceed with a loan, we will need to review your financial information carefully. You may be asked to provide additional financial information and to submit documents to verify the information you previously reported.
- Gather your documents. Keep all of your documents in one place so you won't have to waste time looking for them if we need more information.
- Submit your documents. Ask your loan officer for precise instructions on how and where to submit the information. Submit copies. Keep your originals.
- Confirm that the right person has received your documents.
- Be proactive and responsive to your loan officer.
- Do not submit incomplete documents.
Schedule a Home Inspection
Once you’ve chosen a home, you may want to schedule a home inspection appointment. You want to have plenty of time to resolve any problems. You should choose the home inspector yourself and plan to pay the inspector directly at the time of service. If the home inspector is being paid by someone else or not paid until closing, the inspector might underemphasize any problems with the home.
If repairs are needed, you may want to negotiate with the seller about who should make or pay for the repairs. Depending on the terms of your purchase contract and local market conditions, the seller may or may not agree to pay for the repairs. If your purchase contract is contingent on a satisfactory inspection, you have the right to cancel the sale without penalty if you are not satisfied with the results of the inspection.
Shop for Homeowner's Insurance
Homeowner’s insurance protects you in case of accidental damage to your home. We require you to have homeowner’s insurance as a condition of your loan. You can choose your homeowner’s insurance company.
- Contact several companies to get quotes in writing. Compare the cost and coverage amounts. See how your premium would change if you increase the deductible.
- Consider the reputation of the company. If something happens to your home, you want to be well covered.
Look Out for Revised Loan Estimates
As we work to verify the information in your loan application, you may receive revised Loan Estimates. These new Loan Estimates indicate that something important has changed about the loan and its costs. Common reasons you may receive a revised Loan Estimate include:
- The home was appraised at less than the sales price.
- You requested a rate lock after the lender issued the original Loan Estimate.
Review Documents Before Closing
Closing can be stressful. You may be getting ready to move. There’s a lot going on, and a lot of paperwork to go over and sign. Make things easier on yourself by reviewing the documents in advance.