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Our FREE service provides you with your home's current market value and suggested selling price.

Wednesday, March 31, 2021

February 2021: Oldham County KY Real Estate Market Summary

February 2021: OLDHAM COUNTY MARKET SUMMARY We're back for another monthly Oldham County real estate market summary. We have seen some changes since January 2021. Absorption rates continue to dip (number of available homes during a given ...  Read More

Thursday, February 25, 2021

January 2021: Oldham County KY Real Estate Market Summary

january 2021: OLDHAM COUNTY MARKET SUMMARY January brought us frigid temperatures and record low housing inventory. Looking back at our January 2017 Oldham County Real Estate Statistics blog, it shows how low housing inventory is now. Inventory is ...  Read More


THE MORTGAGE LOAN PROCESS

PRE-APPROVAL/ INTERVIEW

  • Application interview
  • Lender obtains all pertinent documentation

LENDER PRODUCES PRE-APPROVAL LETTER

WAIT FOR BUYER’S ACCEPTED CONTRACT 

ORDER DOCUMENTS

  • Verifications of employment, bank records, proof of funds in accounts, etc.

ORDER INDEPENDENT APPRAISAL OF PROPERTY (THIS PROTECTS LENDER AND BUYER)

  • If at or above purchase price - proceed
  • If below purchase price: 1) seller reduces price, 2) buyer brings more cash, or 3) the deal is cancelled

LOAN SUBMISSION

  • The loan package is assembled and submitted to the underwriter for approval.

DOCUMENTATION

  • Supporting documents come in.
  • Lender checks on any problems.
  • Request for any additional items are made.

DOCUMENTS ARE DRAWN

  • Loan documents are completed & sent to title company.

FUNDING

  • Lender reviews the loan package. 
  • Funds are transferred to title company for transfer to seller at closing.

Important Note: Don't finance any major purchases that might affect your creditworthiness between pre-approval and the closing of your home! Also, don't move substantial money among accounts without consulting lender. This can delay closing!