Course 1: The Home Buying Process
Step 1: Getting Pre-approved
Step 2: Hire A Real Estate Agent
Step 3: Search For a Home
Step 4: Make An Offer
Step 5: Complete Submit Your Mortgage Application
Step 6: Get A Home Inspection
Step 7: Get the Home Appraised
Step 8: Get A Home Owner’s Insurance Policy
Loan Approval Clear to Close
Once the Connecticut mortgage lender reviews your financial information, credit, and the property details, they will issue a commitment letter. The commitment letter confirms that a final approval is likely, because no major issues are present. Included in the commitment letter will be remaining conditions in order to close the loan. Examples of conditions are things such as verification of employment, final credit check, or most recent paystubs. For this reason, it is imperative that you do not inquire for credit, obtain new credit, or change jobs. Altering your situation can lead to a disqualification for home financing – even though you already have received a commitment letter. (Please refer to “Mistakes to Avoid” in the next HomeBuyer University Course).
After all remaining conditions are completed and reviewed, a “clear to close” is issued. Essentially, this is your final approval for home financing. It affirms that all criteria have been completed and the lender can release the file to the closing department.