8 Steps of Mortgage Financing

• Complete application & provide the needed documents
• An appraisal of the property is ordered
• Locking in an interest rate
• Loan is approved subject to an executed Sales Contract & successful Appraisal
• Submit any conditions to the bank
• Receive contract & title info from attorney
• Loan is clear to close
• Attorney schedules the loan closing

Delays can occur, effecting the timeline & these delays could be caused by:

a. Taking additional time for clients to retrieve all the needed documents

b. Appraisal delayed due to scheduling difficulties of appraiser or realtor

c. Clients taking time to decide which mortgage product to utilize

d. Additional time needed to retrieve the conditions required by the bank

e. Contract of Sale not signed by both parties yet

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