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Your lender will schedule an appraisal to verify that the property's market value supports the loan amount. The appraiser evaluates recent comparable sales, the home's location, size, age, and overall condition to establish its current value.
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Should the appraised value fall short of the purchase price, you have these options:
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Once the appraisal is cleared, your file moves into the final underwriting phase. During this time, your lender will conduct a detailed review of your financial documentation. You may receive occasional requests for additional items—such as updated pay stubs or bank statements. Responding promptly is key to keeping your loan on track and ensuring we stay aligned with the closing timeline.
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<aside> 1. Avoid Major Financial Changes
It's extremely important that you do not make any major financial changes during the homebuying process. Lenders typically perform a final credit and employment check before closing, and any shifts can impact your loan approval.
Avoid the following until after closing:
These financial changes can raise red flags with your lender and potentially delay or derail your closing. Staying financially consistent ensures a smooth finish.
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<aside> 2. Choose Your Home Insurance and/or Home Warranty Provider
In the meantime, start comparing homeowners-insurance quotes and explore home-warranty options. Once you've chosen a warranty plan, email us the package name so we can pass it along to the title company.
For help getting started, check out our list of trusted insurance agents here and recommended home-warranty professionals here.
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