The Buying Transaction
- Making an Offer
- Items for Negotiation
- Entering into a Contract
- Hiring an Attorney
- The Application Process
- What to Expect After Application
- The Commitment
- Should You "Lock In?"
- Legal Forms of Ownership
The Commitment
After your application has been in processing for about a week or so, you'll probably be hearing back from the lender. They will have questions, comments, items that need clarification. Be cooperative. Once you clear these items up with them, both you and your attorney will receive a package in the mail with a lengthy document called a mortgage commitment.
What the lender is doing here is agreeing to lend you the sum of money indicated provided that you close the deal within a certain period of time. The document usually states the terms of the loan (including amount), for how long the commitment is valid, and the terms that must be met in order for the loan to close, such as acquiring satisfactory title to the property. There may be other specific conditions relating to you. For example, some item on your application has yet to be verified. If you've gotten this far, however, you're in very good shape. Your lawyer will now order title searches, required by the lender to make sure you're getting clean ownership of the property and there are no outstanding liens or encumbrances on the deed. This is also the point at which a firm date will be set for your loan closing meeting.Share Article:
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Important information about procedures for opening a new account
To help the government fight the funding of Terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.
What this means to you: When you open an account, we will ask you for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Investment products are offered through Osaic Institutions, Inc., Member FINRA/SIPC. Insurance products offered through Osaic Institutions, Inc.