From Offer Accepted to Keys in Hand

At Impact Mortgage Group, we believe knowledge is power. The more you understand about the home buying process, the more confident and empowered you'll feel. After your offer on a home is accepted, several steps follow before you can finally call it yours.

Let's break down these steps: contingencies, appraisal, underwriting, closing, and moving.



A contingency is a condition that must be met for a real estate contract to become binding. Common contingencies include home inspections, financing, and appraisal. They offer protection to buyers, allowing you to renegotiate or even walk away from a deal if certain conditions aren't met without losing your earnest money deposit.



Once contingencies are met, the home is appraised. An appraisal is a professional evaluation of the property’s market value, conducted by an independent appraiser. This step is crucial as it ensures you and your lender are not paying more than the property is worth. If the home appraises for less than your offer, you may need to renegotiate the price or make up the difference.



The next step is underwriting, where your lender verifies your financial information and the appraisal details to ensure the loan amount is appropriate. Underwriters review your credit score, income, employment history, and the property details. This stage can take a few days to a few weeks. Once everything checks out, you'll receive a "clear to close," meaning your loan is approved.



Closing, also known as settlement, is the final step in the home buying process. During closing, all parties involved in the transaction meet to sign paperwork, and ownership of the property is transferred from the seller to you. You'll also pay your down payment and closing costs at this time. Once all documents are signed and funds are disbursed, you'll receive the keys to your new home.



Now it's time to celebrate! You've officially completed the home buying process. You can start moving into your new home and begin the exciting journey of making it your own.
Remember, while these steps are generally what you can expect, every home buying journey is unique. Having a trusted mortgage partner like Impact Mortgage Group by your side can make navigating these steps smoother and less stressful.

Please note: This information is provided as a guide and is not intended to replace professional real estate or financial advice. Always consult with a licensed real estate professional and financial advisor for assistance with your specific situation.