Page 20 - Buyer Guide

TRANSACTION TIMELINE

Apply for Mortgage
Immediately after contracts are signed, you’ll complete your formal mortgage application. This
involves submitting required documents, responding to underwriting requests, and staying in close
communication with your lender.

Appraisal Ordered by Lender

The lender will schedule an appraisal to determine the market value of the home you’re purchasing.
This typically happens within two weeks of the Binder and is crucial in securing your final loan
approval.

Mortgage Commitment
Once your lender completes underwriting, you’ll receive a mortgage commitment letter confirming
that your financing has been approved, pending any final conditions. This milestone brings you one
step closer to closing.

Clear to Close
With all loan conditions satisfied, your lender issues a “clear to close.” This means all documents are
ready, and your closing is officially scheduled.

Final Walk-Through

A day or so before closing, you’ll revisit the home for a final walk-through to confirm that it’s in the
same condition as when your offer was accepted. Any agreed-upon repairs should be completed at
this time.

Closing Day
The big day! You’ll sign all necessary documents, transfer funds, and officially take ownership. The
closing usually takes place at the seller’s or lender’s attorney’s office, and once complete, you’ll
receive the keys to your new home—congratulations!

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