A lot of steps have to be taken between the application and the closing. Here's how you can help the process.
The loan application was just the beginning. Here you'll learn about having the house appraised and inspected and getting a title search and title insurance. If you're self-employed or are buying a townhouse or condo, you may have to supply other documents. And if the unfortunate happens -- you get turned down for your mortgage -- we tell you three things to do right away, including finding out why you were turned down.
What you can expect to learn from this chapter:
- Underwriting
There's still a lot of work to do after you've applied for your mortgage. Here's how you can speed the process along. - Inspection and insurance
Have a home inspection done to be sure your new home doesn't need repairs. Next, apply for home insurance coverage. - Special circumstances
A problem appraisal, townhouse or condo purchase, self-employment or flawed credit can slow down your loan approval. - Turned down for a mortgage
You got turned down. Don't panic. You can do these three things right away.