Loan Application and Appraisal

If you are obtaining financing, your lender will communicate what documentation they need, including bank statements, tax records, and pay stubs; note that typically you will have an agreed-upon length of time to obtain this mortgage commitment. Once your lender has all of your documents, they will review them and have an appraisal done on the property. If all goes to plan, they will issue a Clear-to-Close, which means your loan is complete and the file will be sent to the title company for closing.