In our previous blog post, we walked you through the initial steps of the mortgage application process. At this point, you have your down payment, you’ve shown proof of credit worthiness and income, and you’ve turned in the required documents to the Firefighter Mortgage service provider.
So what happens now?
Document review and property appraisal
When your LP has your documents, they’ll review what you submitted to make sure the packet is complete. If there are any gaps that need to be filled, or if they think it would be best for you to submit additional, supporting information, they’ll let you know.
From here, the LP will help schedule a property appraisal for the home you’re interested in buying (this is typically scheduled with a third-party appraisal company.)
The appraiser will contact the seller or the seller’s real estate agent to get this handled. The fee for the appraisal (which will be charged to the credit card you gave us during the initial steps of the mortgage application) will depend on both the location and the type of the property you’re interested in buying. The average cost for an appraisal is about $400, but this could vary. Again, we don’t set the rates that third-party appraisers charge their clients.
The appraiser will also take a look at sales compatibles for other, similar properties in the area, ie: recent sales transactions and recent appraisal values. Once all of this information is gathered, it will be passed onto your LP.
At this point, although it’s not generally a requirement of the Firefighter Mortgage qualification process, we’ll recommend you contact a home inspector, so they can perform a thorough examination of the structure and can let you know if they identify possible issues.
Moving onto the Underwriter
When the documents are complete, and the appraisal is done, your LP will turn your file over to a mortgage underwriter. The underwriter will review what’s been submitted and they may or may not ask you to request additional information and/or documents. This type of back-and-forth is not uncommon– it’s simply to ensure that all lender, mortgage program and government guidelines are met.
From here, the underwriter will grant a conditional approval and your file will be conditionally approved, pending the home’s title report.
When the clean title report is obtained, a closing agent will help you through the final parts of the financing.
This is the most exciting part of the Firefighter Mortgage process, because it’s where you, and the buyer will sign your respective documents, at which point, your loan will be funded.
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The home buying (and mortgage approval) process doesn’t have to be stressful—as long as you work with the right lender.
At Home Loans Today we have years of experience in helping first responders in Washington with all of their home loan and home refinance loan needs.