How does the mortgage/appriasel process work?

Do you apply for a mortgage? Then get an appraisal? Then get a mortgage committment?

Is this the process?

Re: How does the mortgage/appriasel process work?

I'm not sure of the exact process but we're in the middle of it right now so i'll tell you what we did...

We got a pre-approval. Put in an offer. Got the offer accepted. Went back to lender, told them of the price/address etc so they could update their info and start sending the loan through. Immediately called to schedule an inspection which we had done yesterday. Also start getting a lawyer at this time. Appraisal is actually getting ordered today- you dont want to pay for that unless you are sure you are buying the house after it is inspected.

Whats completely weird to me is that NY does verbal agreements which scared the crap outta us. So we will prob hold off on ordering the appraisal until after we both have a signed contract.

ETA: I think our lender said that we get the commitment letter/closing date/etc a week after the appraisal

This is what we're up to so far... maybe someone else can fill you in more!

Message edited 9/16/2009 10:22:59 AM.