Offer Accepted! Now What?

Here are the final 5 steps to take before closing on your new home:

1. Finalize and Submit Your Loan Application

The first step after an accepted offer is to apply for a mortgage.

  • Because you’ve already done your research to find your best loan options, it’s time to notify your lender.
  • And if you’ve already worked with them for your Pre-Approval or Verified Approval, they should be in a position to get moving quickly.

We make the process fast and simple. You can get started online or by calling a Mr. Cooper Mortgage Professional at 833-818-1146.

Pro Tip: Having the required mortgage documents ready to go can help speed up the process.

Here’s a list of some key documents you might need to submit with your application:

  • Purchase contract signed by all parties
  • Identification for each borrower (Photo ID)
  • Authorization to pull credit report
  • 1–2 years of tax returns (personal, business, and/or income)
  • 2 years of W-2 forms
  • The most recent 30 days’ worth of pay stubs
  • Most recent 2 months of statements for all accounts listed on application (bank accounts, investment accounts, retirement accounts, credit cards, student loans)
  • A declaration of any legal circumstances that may affect your financial situation (divorce, alimony, child support)
  • Letter of explanation for any large deposits (gift letters, sale of asset)
  • Rental history

A Note About Your Credit
Don’t make any big purchases or apply for a new line of credit during the loan application phase.

  • Either could hurt your credit score and may affect your ability to qualify for your loan.
  • Mortgage lenders typically do a last-minute check of your credit before you go to closing and significant changes can impact loan approval.

2. Get a Home Inspection

Although a home inspection isn’t always required by your lender, getting one is always wise. It gives you a better sense of exactly what you’re buying.

  • Home inspectors will test electrical and plumbing systems, check appliances, check for anything harmful such as lead paint or mold, and inspect other safety measures. The inspector will then give you a report detailing any issues with the home.
  • Buyers are usually responsible for selecting the inspector and paying for their services.

3. Obtain a Home Appraisal

A home appraisal determines the value of the property you are buying. If your home appraisal comes back lower than the purchase price, the lender may not lend you the full amount to purchase the property.

  • If this happens, you can ask the seller to reduce the price or you could be liable for making up the difference between the agreed upon sales price and the appraised value.
  • Many buyers include home appraisal contingencies for this reason. This will enable you as the buyer to cancel the purchase contract if the home appraisal comes back lower than the agreed selling price.

4. Do a Final Walkthrough

A final walkthrough allows you to make sure that the seller has everything in order. You should make sure the seller hasn’t left any belongings, check to ensure requested repairs were made, and double-check the home’s key components and systems (A/C, heating, irrigation, etc.) to make sure everything is in working order.

5. Ask for Repairs or Credits

After your inspection, you could ask the seller to correct any problems or issues surfaced in the inspection. Here are a few ways to address the issues with the seller:

  • Request that the seller help cover some of your closing costs.
  • Ask that the seller repair the problems or issues before you close.