Getting a Loan – Step 6: Documents Are Drawn

Posted On: Wednesday, February 8, 2012 - 5:46am | Posted By: Diane Hourany
Topics: Buyers and Sellers | Tags: closing, loan application, loan approval, loan documentation, loan submission, mortgage broker

You've made an offer that has been accepted by the seller, your mortgage broker has sent in your loan package and the lender has not only approved you but the home you're buying. They've agreed to give you the money!

What's next?

  • Documents are Drawn - Within one to three days after loan approval, the lender prepares your loan documents (including the note and deed of trust), which are sent to the title company.  The escrow officer will call you to set up an appointment when the papers are ready for your final signature.  At that time, you will be told how much money you will need to bring in to close the loan. The balance of your down payment should be 'liquid' so you can wire it to the title company or bring a cashier's check to your signing appointment.

Tomorrow: Step 7 - Closing

Diane Hourany

What makes me different from a “traditional agent” –most agents do business as if they will never see or hear from you again.
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