The Three Stages of Getting Ready to Close
Once your offer has been accepted, closing the loan involves three stages: the home inspection, the appraisal and underwriting. Knowing how these pieces work together can help you prepare to close your loan.
The Home Inspection
Once you’ve had an offer accepted, it’s time to schedule your home inspection. While this step is usually not a requirement for getting a mortgage, it’s a way to protect yourself from buying a home that will cost you more money than it’s worth. It’s your job to find an inspector and pay for the inspection. However, your real estate agent may be able to help with this. They can recommend an inspector and possibly even set up the inspection for you.
A typical home inspection will cover surface-level elements of the home such as structural components, outlets, heating and cooling systems, appliances and more. However, the inspector can’t check out aspects of the house that aren’t easily accessible or visible. For instance, you’ll need a specialized inspector to identify lead, mold, asbestos, radon and pest problems.
Be sure to attend your inspection and ask all the questions you can think of. This is your chance to walk through your new home with an expert. They can tell you about the red flags and make recommendations for what to fix first and how to go about it.