11. Closing: On a refinance transaction there is a 3-day right of rescission period after the three days the lender will wire funds to escrow. Escrow will issue a check for any cash back to you at this time. 10. Escrow Signing: Escrow will contact you for a signing appointment. They will provide you with final amount to be brought in the form of a cashier’s check if applicable. Depending on the lender, your documents may have to go back to the lender for review. 9. Pre-closing Review: We will consult with you again on the amount needed for closing. We will provide a final estimate of your payment, including accurate taxes & insurance. You will be informed of the approximate time that your escrow closing agent will be contacting you. 6. Lender Orders Third Party Services: We order the appraisal, title commitment, and escrow. As mentioned, the appraisal is to determine value for the lender’s security. It may encompass work orders aside from what may be determined by a property inspection. The appraiser requests certain work, depending on pre-determined property requirements of the loan program type. The title commitment is a guaranty to provide title insurance at closing. It may also have requirements such as removing accurate or inaccurate judgments or liens against the buyer, seller, or the property. Among many tasks, the escrow company collects & disburses funds and records the buyer as the new owner of the property. 7. Buyer to Obtain Homeowners Insurance: This is to insure the property in case of fire or other damage. You may already have an agent or want to shop around. We can also recommend someone to you. Your credit score or previous claims could have a determination on the premium that you have to pay. We will contact you to let you know when we have received the appraisal and title. Title, and they meet the lender requirements. 3. Receive Pre-Approval: The Pre-Approval letter is necessary to secure a purchase agreement with a seller. It indicates that your financing has already been obtained. 4. Find a Home: The real estate agent is apprised of your qualifications. He or she is made aware of how to negotiate your purchase agreement to fit your loan program. They’re informed on whether or not obtaining (if any) closing costs from the seller would be in your best interest. Contact us as soon as your purchase agreement is accepted to consult about locking the interest rate. 5. Property Inspection: The property inspection is often not required, but highly recommended. The inspection is much more thorough than the appraisal, as the appraisal is done mostly to determine only value. 2. Obtain Information & Documentation: This is detailed on your Action Plan. This is necessary to finish the application in order to obtain a written approval. 1. Application Consultation w/Mortgage Planner: Allows us to create the financial picture for qualification and provides us the opportunity to discuss loan program options to fit your financial goals.

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