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What happens now?

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BSBRose21
Contributor

What happens now?

    I've got an accepted offer and I've already been pre-approved through Chase for the Rural Development loan. What happens now? What will be checked again for the loan-job, bank account, etc? Or will they just need a good appraisal?
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ShanetheMortgageMan
Super Contributor

Re: What happens now?

If they've already reviewed your application, credit, income & asset docs, then the appraisal, title, and insurance are going to be the remaining 3 things they are concerned with.  They might require updated paycheck stubs & bank statements along the way if the ones they have now are outdated by the time you close, but it's just to make sure you are still working/making the same income and still have that money in the bank.  If you haven't already, I'd talk to insurance agents ASAP to start setting that up, you don't need to pay the premium when you set it up, as it can be paid at closing to the title company and they'll disburse it to the insurance company for you.  As far as title/appraisal, the title work is usually handled by the seller (but check with your agent on customs in your area) and I'm sure Chase will be ordering the appraisal.
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