The Property Emporium's National Relocation Service

                                           The Buyers Guide To Real Estate                                                                                                      By Robert A Reynolds                                                                                                           Money and Financing 

After my loan is approved, what happens next? 

This is called the closing of the loan. When the loan is ready to "close," all necessary documents will be taken to the attorney's office (copy of the seller's deed, loan payoff/assumption information, copy of the contract of sale, etc.). The attorney will do a title search for the deed conveying the property to the purchaser, and the escrow letter if it is a loan assumption. When the attorney is confident that the title is clear with the exception of the deed of trust to be assumed, he will get the deed, escrow letter and any papers required by the mortgage company signed by the seller. The money should be held in escrow until the attorney advises everything is in order and that it is all right to record and disburse funds.

• How long will it take for loan approval?

• What kinds of financing is available & how does the different kinds work?

• What questions will most lenders ask me?

• What steps will the financial institution take to process my application?

• After my loan is approved, what happens next?

• What actually happens at closing?

                                                           Planning

                                                           The Offer

                                                           choosing