6. Loan Approval:
After the appraisal — and after all the paperwork required to verify the buyer’s ability to pay the mortgage is completed — the “loan package” is sent to the underwriter. Most of the underwriters are out of town. This process usually takes three to five days. Some of the lenders are doing point-of- contact underwriting by way of computer. It is not unusual for this step to take place within the last week before the closing date.
7. Title Work:
Normally, the seller is providing title insurance for the buyer. If you have not done so already, your closing agent will bring or fax copies of the contract to the title agent or attorney. For a cash sale, the title work is usually ordered just after the contract is negotiated. If this sale is contingent on financing, then usually the title work will be held up, pending credit report, inspections, and appraisal steps being satisfied. Your agent will normally keep in touch with the title company or attorney and advise them of the buyer’s loan progress. The title agent or attorney also handles all the arrangements with your mortgage holder(s), regarding the final payoffs. You don’t need to do anything.
8. Survey:
After the loan is approved, or earlier at the discretion of the loan officer, the survey is ordered by the buyer, their agent, or their lender. This usually does not occur until the last 10 days of the process.
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