As soon as we receive your appraisal, we'll update your loan with the estimated value of the home. We will provide you a copy of the appraisal, even if your loan does not close.

The most important documents you will sign at closing are the Note and Mortgage, also referred to as the Deed of Trust. Unless there are special circumstances, these documents are usually prepared one to two days before your closing. Other documents are prepared by the closing agent the day before or the day of your closing. If you would like copies of the completed documents to be sent to you after they are prepared, please feel free to contact us.

To learn more read our blog titled: What Should I Expect at My Home Closing? 

Both an appraisal and a home inspection are designed to protect you from potential issues with your new home. Some buyers waive the home inspection which can be attractive to the seller who may have many offers on the table.

The appraiser will take notes of any interior or exterior constructions problems on the home including things like termite damage, structural flaws, dry rot, leaky roofs, etc. All of this information will be written in the appraisal report. But they do not do the detailed inspection that a home inspector would do. Instead they make notes of things they notice as they complete their walk-through.

Keep in mind that appraisers are not the same as inspectors. Appraisers are looking for more obvious items, but they won’t inspect the mechanicals and turn on every light switch. They also don’t test for things like termites, radon, or mold. This is where the home inspector comes in. The home inspector will go through these details and will educate you about any defects the house will have. Getting a home inspection is a good idea, but not required for your mortgage. If you are having a home inspection (and we do recommend that you do when purchasing a new home) it is best to be present during that home inspection so you can ask any questions or discuss any issues that may come up during the inspection. You are not required to be available for the inspection since you will receive a report but having the expert right in front of you to discuss anything they discover provides you with an increased comfort level regarding the condition of the property you are purchasing.

It depends. In some areas of the country, it is required to have an attorney represent you at the time of the closing but in other areas it is not as common. We recommend having an attorney present, especially if it makes you more comfortable.

To learn more read our blog titled: What Should I Expect at My Home Closing? 

The value and marketability of condominium properties is dependent on items that don't apply to single-family homes, there are some additional steps that must be taken to determine if the condominium meets our guidelines. There is also additional documentation required to ensure that the condo purchase meets underwriting guidelines.

The ratio of owner-occupied units to non-owner occupied units can also affect the marketability of the condo since many people would prefer living in a complex with owners versus renters.

If you are purchasing a condominium as your primary residence, we will provide you with a list of documents required beyond the information required in the appraisal.

The short answer is, "not much." In fact, a hard credit inquiry only drops your score by a few points, at the most, 5. So don't worry about those credit pulls mortgage lenders or mortgage apps request as part of their prequalification or quote process. Unless your credit score is very low to begin with, those few points aren't going to change anything.

In fact, according to Experian (one of the "big three" credit bureaus), "...hard inquiries related to mortgage, auto loan and student loan applications are entirely ignored for 30 days from the date of the inquiry."

And even after those 30 days, Experian states, "After those inquiries have aged past 30 days, they still may not be counted as independent inquiries by credit scoring models. That's because FICO^® considers similar loan-related inquiries that have occurred within 45 days of each other as a single inquiry in the scoring process."

So go ahead and get that quote, prequalification, or application started! You're good. 

Read more from Experian about how credit inquiries impact (or don't impact) your loan application/approval.

We tend to use licensed appraisers in the area where you are planning to purchase your home. The appraisal is ordered as soon as we receive your application. It usually takes 10-14 days before the written report is sent to us. However, during busy times or rural areas it can take longer.

WeWe follow up with the appraiser to ensure that it is completed as soon as possible. If you are refinancing, an interior and exterior inspection of the home is necessary, the appraiser should contact you to schedule a viewing appointment. If you are buying a new house the appraiser will usually contact your real estate agent. To learn more read our blog titled: What Should I Expect at the Closing?" 

If you won't be able to attend the loan closing, contact your Mortgage Originator to discuss other options. If someone you trust is able to attend on your behalf, you can execute a Power of Attorney so that this person can sign documents on your behalf. Please reach out to your Loan Originator to verify if this is a viable option as certain products do not allow for a Power of Attorney. In some cases, we're able to mail you the documents in advance so that you can sign them and forward them to the closing agent. Please make sure to let us know as soon as possible if you will not be able to attend the closing.

When we look at the provided appraisal report, we'll review the features of your home and compare them to the features of other homes in the neighborhood. For example, if your home is on a 20-acre lot, or has a large accessory building, we'll want to make sure that there are other homes in the area on similar size lots or with similar outbuildings. It is hard to place a value on such unique features if we can't see what other buyers are willing to pay for them. Sometimes, those unique features don’t really have as much value as you might think. It all depends on what the market is willing to pay for them. Finding comparable properties can be more challenging in rural areas where it is more difficult to find homes that have similar features.

We are primarily concerned that the value of your home is sufficient to cover the amount of money you are borrowing.

When you buy or refinance a home, the property is used as collateral for the loan.

An appraisal will usually be required to determine the value of the property being used as collateral. An appraisal is a written description/report of the property including the value. There are national standards that govern the format of this report and the appraiser completing it must meet licensing requirements. Both the lender and the person applying for a mortgage will receive a copy of this report.

After the appraiser inspects the property, they will compare qualities such as design, square footage, number of rooms, lot size, etc. with other houses that have recently sold in your neighborhood. These homes are called “comparables” and they play a role in determining the estimated value of your home. The appraiser uses their own experience in the market, and sales of these homes that are comparable to yours, to assign a value to your home.

The comparable sales approach is the most important valuation method in the appraisal because a property is worth only what a buyer is willing to pay and what a seller is willing to accept.

It’s common for the appraised value of the property to be the same as the amount stated on your sales contract. Your purchase contract is the most valid sales transaction there is because it represents what the buyer is willing to pay and what the seller is willing to accept. Only when the comparable sales differ greatly from your sales contract will the appraised value be very different. When a market is “hot” and many homes are selling at or above ask, it can be common for issues to arise with value. The appraiser needs to base values on comparable properties that have closed and funded. This means that sometimes, more than one appraisal is necessary, or your realtor may need to work with the appraiser to provide additional information when determining a fair value for your home.

We use a nationwide network of closing agents and attorneys to conduct our loan closings. We'll schedule your closing to take place in a location that is located near your home for your convenience.

We'll deliver our loan documents and wire transfer your loan funds to the closing agent or attorney prior to closing so that they'll have plenty of time to prepare for your closing.

To learn more read our blog titled: What Should I Expect at My Home Closing? 

The closing agent acts as our agent and will represent us at the closing. However, your personal Mortgage Specialist will contact you prior to closing to talk about your final documents and to provide a final breakdown of your closing fees. If you have any questions that the closing agent can't answer during the closing, ask them to contact your Mortgage Specialist by phone and we'll get you the answers you need.

To learn more read our blog titled: What Should I Expect at My Home Closing? 

Anyone can be a joint owner of a property and they are not required to be on the loan application.

Only the person applying for the mortgage will appear on majority of the documents. If there is an owner of the property who is not on the loan application, they will still be required to attend the closing and sign a few documents to acknowledge the fact that a new lien is being placed on the property.