Now that you've removed the inspection contingency, you'll need to wait a few weeks for a number of people
to set the stage for the day you become a homeowner. Be prepared for calls or emails from your Realtor or lender asking for some form of documentation or signed paperwork.

Processing Your Loan
When you applied for your mortgage, you received a “conditional” pre-approval for a loan. It’s now time to remove
the “conditions” and get a “final” loan approval.

Financial review
A processor will more closely review your financial condition to verify that all the information is correct. You may be asked to supply additional documentation. Verification requests will be sent to your employers, landlord, bank, and lending institutions.

Appraisal
The lender will contract with a licensed appraiser to evaluate the property to be certain that it is worth at least as much as you are borrowing. If you have applied for an FHA loan, the FHA appraiser will also look for safety problems and issues that may lead to costly repairs in the near future. He may require that specific repairs be completed
before the loan can be granted. Such repairs will be the responsibility of the seller unless otherwise negotiated in
the contract.

Title search
No mortgage company will lend money on a home if a third party is claiming financial interest in the home. Thus the title must be researched to be certain that there are no liens or other encumbrances preventing you from receiving clear title to the property. This work is done by a title company who then insures the title against defects. This is called "title insurance".

Once all the information is collected the processor packages your data, the appraisal, and the title report and sends
it to the lender’s underwriting department. The processing of your loan should take about a week, but it could be delayed if third parties do not respond to the validation requests or appraisals are delayed.

Underwriting
The underwriter reviews your loan package to make sure it conforms to the requirements of your specific loan. During the review, the underwriter may ask for additional evidence of employment, credit, loan payments, and anything else they feel is necessary to endorse your loan. The underwriter has the ultimate power and decision authority over the approval of your loan.

It usually takes one to three days to have a loan approved by the underwriter. It may take longer during busy periods when there are a tremendous number of loans being processed.

Clear to Close
When the underwriter is satisfied with the review of the loan package, “final” loan approval will be granted and
your loan officer will be notified of a “clear to close”.

At this time your Realtor will notify the seller’s Realtor to set the closing day. The closing date is coordinated so
that all parties involved in the transaction can attend and so that the mortgage company will have time to deliver their documents to the title company.

Final Walk Through
It's a good idea to do a final walk through of the home on the day of, or shortly before the closing. This serves as your final inspection of the property and is for your protection as a buyer. You and your Realtor will examine the home to make certain all repairs have been completed, that the home is clean, and that all appliances and fixtures are the ones you contracted for.

Take your time to examine the appliances, lighting, and plumbing fixtures to be certain they have not been switched for something of lower quality. You don't need to be suspicious, but sometimes a very nice dining room chandelier has been replaced with a cheap ceiling fixture or a white, top-freezer refrigerator now sits in a space once occupied by a stainless steel side-by-side unit.

If the Seller has moved out, now is the time to look for damage that may have been caused during the move. The seller may be unaware of any problems, but he is still responsible for the condition of the home while he owns it. Moving damage is the Seller's problem.

Sometimes a Seller, in his haste to vacate the home, doesn't clean properly and may leave trash behind. While the contract only requires a home to be "broom clean", trash is something else.

You have the power to halt the closing until issues that surfaced during the final walk through have been resolved.
If you let them go, it will be impossible to seek restitution once the deal has closed.

HUD Form 1 or Settlement Statement
Once the lender has delivered the closing package to the title company, the Settlement Statement referred to
as HUD Form 1 is prepared. It contains all the actual settlement costs and specifies the amount you will need to bring to the closing. You should be informed of this amount the day before the closing so that you have time to
obtain a certified check from your bank.

The HUD Form can contain errors and needs to be looked over very carefully. Hopefully the HUD Form was provided
for your review the day prior to closing. If not, the title company will carefully explain it to you at the closing. 

Certified Bank Check
Prior to the closing date, your agent will have seen the HUD Settlement statement and will let you know how much money you need to bring to the title company. Have your bank prepare a certified bank check made out to the title company for the full amount on the HUD statement. Title companies will not accept cash or personal checks.

Drivers License
The title company will not close without proper identification. A drivers license or other verifiable form of identification is required for closing.

The Closing
The “Closing” completes the home buying process. This is the day that you sign all the mortgage documents, close the deal and become a homeowner.

All parties will be present or represented at the closing for final review and signing of papers. A title company "closer" will go through all the paperwork and explain everything to you. Don’t be afraid to ask questions. Once you’ve signed the final documents it’s a completed deal and there’s no way of going back for a refund.

The closing process takes about one hour. During this time you will have an opportunity to talk with the seller about occupancy, transferring utilities, how to operate appliances, or any other matters associated with the property.