Home Buyers Guide – Part 3

Step 3: Underwriting

After your offer is accepted, you officially apply for the loan. You will need to provide current pay stubs as well as bank statements. All of the info is reviewed by the underwriter who will evaluate the numbers and make sure that all the various criteria have been met. If there are questions or concerns, the mortgage lender will discuss this with you, the buyer, getting any extra information needed to satisfy the conditions.

While this is taking place, there will be a home inspection, including testing wells and septic systems if applicable.


“A proper inspection help to ensure that you are not buying a house with serious problems that will cost you later on.”


Then an appraiser will review the home and give the lender an approximate market value of the home. The bank does this to make sure that you are not overpaying for the property. These steps also help to ensure that you are not buying a house with serious problems that you will have to fix down the road, such as cracks in the foundation or water damage from previous leaks, among other things.

During this time a Title Company will make sure that the people selling the property actually own it and then prepare paperwork to transfer the ownership to you. After this, you will need to make sure that you have the appropriate homeowners insurance, available through any number of insurance companies in place before your closing day.

After this you will be all set to move on to Step 4: Closing on Your Home!

We hope you have found this blog series helpful. If you didn’t start from the beginning, click here to go back to Step 1

Click here to download an exclusive eBook covering all four steps of buying a home, along with some bonus information and a checklist to make sure you don’t miss a step.


Read the rest of the series:

Home Buyers Guide – Part 1

Home Buyers Guide – Part 2

Home Buyers Guide – Part 3

Home Buyers Guide – Part 4



Joe Bye and Brad Eckhoff have many years of experience in the Home Mortgage sector and can help you get into the home you have always wanted.
Contact Joe and Brad and they will get in touch with you shortly.

Joe Bye & Brad Eckhoff – Mortgage Lenders