Home Buying Coarse
➜ Don’t skip the video above. That’s the lesson. The text below is a quick recap you can reference later.
Lesson 6
Under Contract: Escrow & Loan Application
Once your offer is accepted, the clock starts ticking.
Overview
Once your offer is accepted, the clock starts ticking. The contract outlines strict deadlines for inspections, appraisal, financing, and closing.
This stage is all about managing the moving parts and keeping everything on schedule so nothing falls through the cracks.
Behind the Scenes
- I coordinate between the lender, attorney, inspectors, and the listing agent to keep communication clear.
- Your lender sends updated disclosures and submits your file to underwriting.
- An escrow account is created to hold earnest money and, if required, future taxes and insurance.
Key Points
- Order your home inspection right away — contract timelines are strict.
- Provide any lender-requested documents immediately to avoid delays.
- Shop for homeowner’s insurance; proof will be required before closing.
Tip
Escrow for taxes and insurance means part of your monthly payment goes toward these bills. If taxes or insurance premiums increase, your monthly mortgage can adjust once per year. This is normal — it’s how lenders protect both you and themselves.
Important Note: Contract timelines, escrow requirements, and lender processes vary by state, loan type, and transaction. This lesson provides general guidance only. Always rely on your signed contract and lender instructions for your specific deadlines.
It’s Simple. It’s Nicole.
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