First you will want to get pre-approved. This means you will need to call a mortgage consultant and find out exactly what you qualify for.
Next you will want to find a house. This may take a few days or a month, once you find the house you are looking for I will help you negotiate the best price and terms available. Day 1 Once you have a signed contract on a house things will start to move a little faster. Day 2-9 If you have elected to have a home inspection that should be performed within the first week or so. Day 9-12 The day you recieve your home inspection report and are satisfied with the findings your appraisal will be performed. Your appraisal will take 2-3 days during which your lender should be gathering other necessary items, your signed disclosures, updated pay information, bank and asset verifications, title report, etc. Day 9-13 Your lender should finish collecting all necessary verifications and conditions to send to the lender. Day 13-17 The lender will evaluate your file, review your appraisal and title and give the lender a response. Generally they will find something in your documents that they would like more info on. Day 17-18 Your lender will gather any last documents and order the insurance for your new house. Day 18-23 You must wait for the bank to sign off on your loan and send it to another department to draw up the paperwork for you to sign. Day 23-25 You will get an appointment to sign at the closing agents office.
These times are average, They are to be used only as a guideline of what to expect. There are some transactions that move much quicker, and some (alot) that run into a "bump" and take a few extra days. This is normal as no two buyers have the exact same situation. As long as you are in constant communication with your lender and Realtor you should never have to worry.
Lisa Zorich Tamarack Realty 509-251-3427 Lisaz@tamarackspokane.com
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