This is our sixth entry in our ‘Now What?’ blog series designed to help those people that want toown a Chicago home, but have no idea what to do.
You Are ‘Under Contract’ To Purchase Your New Home! Now What?
Now that you are ‘Under Contract’ to purchase your new home a variety of things are happening all at once – you need to get your home inspection competed and you need to work with your mortgage company to get your loan ‘Clear To Close’!
What Is A Home Inspection?
A home inspection determines what if anything is wrong with the Chicago home. Check out this great video for more information!
I Thought I Was Already Pre-Approved? Why Is My Mortgage Company Asking Me For More Information?
Your mortgage company needs to make sure that your financial information is the same as it was when they issued your pre-approval letter. So, they have to re-verify everything. They also need to order the appraisal to determine the actual value of the home.
When I Can Actually Move Into My Home?
Once the home inspection is completed, the appraisal is completed, and the mortgage company verifies that your financial situation hasn’t changed they will issue the ‘Clear To Close’. Usually this process takes between 30 – 45 days, depending upon the mortgage program.
Now that you are ‘Clear To Close’ you are almost a Chicago homeowner!