Home Buying in Franklin>Question Details

maxworkfromh…, Home Buyer in Ivor, VA

We have ratified a contract on a home, had an inspection done and given notice to our current landlords (30 days, based on our agent's advice.) We

Asked by maxworkfromhome, Ivor, VA Sun Apr 21, 2013

were "pre-qualified" before we put in the contract. We know the title search is being done and the appraisal has been ordered, but I feel we are still in "limbo" because nothing definite has been told to us as far as "yes, you are the new owners of your home" We know the home has to appraise, but other than that, is there anything that could prevent us from moving into our dream home?

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You should be talking to your Loan Officer to make sure all things are moving along as they should and the appraisal come in within the selling price.

Ensuring that you make the right choice for you and your family is my ultimate goal. And I am committed to providing my customers with mortgage services that exceed their expectations.. As always, you may contact me anytime by phone, fax or email for personalized service and expert advice.

I look forward to working with you!
Lowell Sterling
Mortgage Banker
NMLS# 968898
16800 N. Dallas Pkwy, Suite 290 | Dallas, TX 75248
Office: 972-646-2411 | Cell: 214-418-7022 | Fax: 214-614-4637
Bank of England /dba ENG Lending: NMLS# 418481
0 votes Thank Flag Link Sun Apr 21, 2013
Hi maxworkfromhome,

DO NOT buy anything before your deal closes. Some buyers figure since they are either pre-qualified or pre-approved, they're fine and they purchase furniture, cars, etc. Your lender will pull your credit right before funding your loan and if you make large purchases, you may not longer qualify for your loan in which case you would not get the house. So, to be extra safe, don't purchase ANYTHING that could potentially affect your loan.

Shanna Rogers
SR Realty
0 votes Thank Flag Link Sun Apr 21, 2013
As your agent or your lender may have explained, your loan approval must go through "underwriting." Once that has happened, and your loan meets any and all of their possible contingencies, you are clear sailing to the closing table. You are correct that the home must appraise, and must have a clear title. These are steps that must be done for you to get through "underwriting." There are many people working on your behalf behind the scenes to get the loan through the approval process. Pre-approval says based on the information you have given us, it appears you meet the criteria. The loan officer must then submit all required documentation for final approval. It is not an immediate process. Ask your loan officer when it will be submitted to underwriting, and did they come up with any conditions to be met. You will be the new owners of your home, after you go to settlement.

Congratulations your dream is almost realized. P.S. don't make any major purchases - including furniture - until after you go to closing.

Carolyn Liddell
Sun Realty
0 votes Thank Flag Link Sun Apr 21, 2013
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