The Five Easy Steps of the Mortgage Process - Step 3

Purchasing a home can be exciting as well as a little frightening. Below are the steps it takes to find and get a mortgage. Step by step, we can walk it together, and make it as easy a process as possible.

This information is reprinted from my Supreme Lending website; we will take a look at the five steps of the mortgage process, though to closing. This post will take a look at Step 3, Acceptance of the Offer.

Acceptance Of The Offer

Acceptance occurs when all parties agree to the price and terms of the contract. At that time, the clock starts ticking to adhere to all details that are outlined in your transaction. You should be sure that all changes are initialed, no matter how insignificant you feel the change is. Absolute agreement and clarity is the key to protecting your rights and expectations for your purchase.

This process is stipulated in your contract and should not be more than five days total from the time you submit the offer to the seller. It is important that this process moves along quickly. Once acceptance occurs, the next 25 days are filled with inspections, appraisals, and many other deadlines that you will need to meet to ensure a smooth closing.

John Lyng is a Mortgage Loan Officer with Supreme Lending. He is experienced with traditional bank programs, as well as alternative programs to help people get into their home. John has a varied background in working with mortgage banks and non-profits, and believes in guiding families to prepare for affordable homeownership.

If you have questions about this or any mortgage-related topic, please contact John Lyng directly at 214-862-3579, or send an email to John.Lyng@SupremeLending.com.