eVaults and eNotes

What does a vault have to do with an eClosing? Plenty. As eClosings become more common, fundamental elements of the mortgage process will change. For example, instead of a paper promissory note, you may have an eNote and eVault. The note is one of the key lender documents within a loan package that borrowers sign at closing. It’s the borrower’s written promise to repay the loan within the specified term. The note is also very important to investors who buy and sell them on the secondary market. The note plays an important part in a mortgage backed security. Think of an eNote as the electronic version of a paper note. The eNote gets electronically signed instead of wet signed at closing. You must be able to identify the original version of the eNote. Think of the electronic version as a PDF. There could be infinite versions of it floating around. How do investors know the version they are buying is the original?  To solve this, the mortgage industry got smart and did two things:

  1. They created the MERS eRegistry, the legal system of record for identifying the controller and location of the authoritative copy of the eNote.
  2. Created standards for how to store eNotes in something called an eVault.

eVaults are technology platforms that are built to support the handling, status, and storage of eNotes. They always have integrations to the MERS eRegistry and often have integrations to other eVaults and trading partners. The MERS eRegistry is the librarian of the eNote world. It tracks who controls each eNote and in which eVault it is stored. When a lender creates an eNote, they register it with the MERS eRegistry  which notifies the librarian of the controller and location of the eNote. If you are exposed to an eNote, now you know what a vault has to do with it.

For more information on eClosings, visit www.republictitle.com/evolve

Click here to go to our YouTube page to see more of our helpful videos. 

eVaults and eNotes


Backup Offers

If you’re a buyer or a Realtor in this housing market, you surely understand the struggles of “winning” the bidding war that many homes for sale are garnering. But, don’t lose hope if you or your buyer doesn’t get the house on the first offer, there’s always the chance for the first offer to fall through and that’s where the backup offer comes in!

Janet Allen and Scott Rooker discuss some of the benefits for both Buyers and Sellers with submitting a backup offer, some common questions surrounding backup offers and even if you can submit a backup offer to a backup offer! Take a listen to their discussion on the topic and visit our YouTube page for even more helpful real estate videos. Click here for this and other videos.

Here’s a link to the Addendum mentioned in the video: https://www.trec.texas.gov/sites/defa…

For more information or to get in contact with your Business Development Representative at Republic Title visit: https://www.republictitle.com/residen

Closing Process Overview

Closing Process Overview

We are continuing to celebrate National Homeownership Month which is a time to celebrate the benefits that homeownership brings to families and communities. In honor of National Homeownership Month, we have curated a list of our most popular homeownership resources for new homebuyers. Next up is our Closing Process Overview.

When you are preparing to buy a home, there are many steps in the process for the Buyer, REALTOR, mortgage company, and title company. We break down the common steps for each below:

Buyer and Realtor

  • Buyer or buyer’s agent delivers signed contract, option fee and earnest money to title company
  • Buyer or buyer’s agent provides copy of contract to lender to proceed with loan application
  • Order inspections (general and pest, etc.)
  • Buyer selects home warranty and obtains homeowner’s insurance
  • Buyer brings I.D. and “good funds” to closing (wire or cashier’s check)

Mortgage Company

  • Verify assets, liabilities, income/job stability and credit history
  • Order, receive and review appraisal
  • Collect and submit requirements to underwriter
  • Underwriting approval
  • Order flood certificate
  • Prepare and deliver loan documents to title company for closing
  • Review final signed documents sent from title company
    and authorize funding

Title Company

  • Closer receipts contract, option fee and earnest money
  • Order title work and tax certificate
  • Abstractor searches and examines title and issues title commitment
  • Closer reviews title commitment and sends to lender, buyer, buyer’s agent for review and acceptance
  • Title company receives closing disclosure/closing instructions from lender and forwards to all parties
  • Closing
  • Title company sends signed documents to lender for final approval
  • Funding: All money is distributed (which includes seller proceeds, REALTOR® commissions and loan payoffs)
  • Buyer collects keys to property

To download the Closing Process Flowchart resource, click here. To view other Home Buying Resources, visit the Resources page on our website.


Texas Housing Insight – April 2021 Summary

Total Texas housing sales fell 2.5 percent in April on top of a first-quarter decline, confirming that the rapid-fire activity last year has lost momentum. Residential construction loan values decreased during the first three months of the year, but housing starts and building permits picked up in April, pointing to stable construction during the summer. Due to rising supply costs, however, new homes are unlikely to be priced at the lower end of the price spectrum, where inventory is most constrained. Persistent demand for housing amid limited availability at the bottom price cohorts pushed sales toward higher-priced homes. Double-digit home-price appreciation and rising mortgage interest rates chipped away at housing affordability and may dampen housing demand moving forward. The unprecedented low level of inventory available for sale is the greatest challenge to Texas’ housing market, assuming the pandemic remains contained.


The Residential Construction Cycle (Coincident) Index, which measures current construction levels, trended upward nationally and within Texas due to increased industry wages, employment, and construction values during April. Moreover, the Texas Residential Construction Leading Index indicated construction activity is expected to strengthen in the coming months as weighted building permits and residential starts elevated and the ten-year real Treasury bill declined. Houston accounted for much of the statewide rise in permits and starts, reversing the local leading index’s downward trend. The leading indexes in North and Central Texas decelerated but continued to suggest stable future activity.

Net residential loans extended a three-quarter decline, inching down 0.7 percent quarter over quarter (QOQ) during the first three months of 2021 due to decreases in both the one-to-four unit and multifamily sectors. Corroborating the data, the Board of Governors of the Federal Reserve System’s Senior Loan Officer Opinion Survey indicated a moderate share of banks tightened standards on construction and land development loans. A modest portion, however, eased standards on multifamily loans. 

Single-family construction permits increased 4.4 percent in April, extending a year-long upward trend despite falling with residential loan values during the first quarter. Houston topped the national list with 5,254 nonseasonally adjusted permits, registering double-digit growth for the second straight month after adjusting for seasonality. On the other hand, activity in the state’s other major metros slowed, although Dallas-Fort Worth still ranked second in the nation, flattening at 4,515 permits. Meanwhile, Austin and San Antonio issued 2,599 and 1,244 permits, respectively. In Texas’ multifamily sector, permits for five-or-more units rebounded after a two-month decline, shifting attention away from two-to-four units.

After a sluggish start to the year, total Texas housing starts recovered above year-end levels, increasing 4.1 percent on a per capita basis. As single-family starts in the southern region of the U.S. decreased for the third consecutive month, Texas’ single-family private construction values plummeted 24.6 percent in real terms during April. Austin values in particular corrected downward after climbing the past year, falling every month since January. Meanwhile, activity in Houston and Dallas-Fort Worth (DFW) normalized to average levels during 2019. San Antonio registered a steep monthly decline, but values continued on an upward trajectory due to strong growth at the beginning of the year.

The number of homes added to the Multiple Listings Service flattened at 2016 oil-bust levels in April as homeowners were reluctant to list their house amid ongoing hesitance of in-person home viewing or of being unable to find another home to buy. Moreover, the pace of sales in the last 12 months was still rapid despite a monthly slowdown to start the second quarter of the year, pulling Texas’ months of inventory(MOI) down to 1.3 months. A total MOI around six months is considered a balanced housing market. Inventory for homes priced less than $300,000 was even more constrained, dropping to 0.9 months. Even the MOI for luxury homes (homes priced more than $500,000), the price range at which inventory was at its most expansive, slid to 2.2 months.

The supply situation in the major metros was even more critical than the statewide metric. Although Austin’s MOI ticked up across all price ranges after an influx of new listings the previous month boosted April’s supply of active listings, the metric was still constrained at just 0.5 months. Inventory flattened at one month in both Dallas and Fort Worth and slipped to 1.2 months in San Antonio. Houston’s overall MOI was greater than the state average at 1.5 months, but the metric for homes priced less than $300,000 slipped below 0.8 months. Depleted inventory is a major headwind to the health of Texas’ housing market.


Despite healthy demand, total housing sales decreased 2.5 percent in April on top of a first-quarter decline. Much of the slowdown may be attributed to limited inventory for homes priced less than $300,000. Rising mortgage rates also pressured affordability, especially for first-time homebuyers. On the other hand, sales for homes priced more than $400,000 increased for the second straight month.

Housing sales also continued to normalize from accelerated activity over the past year at the metropolitan level. Monthly fluctuations across Dallas’ price spectrum mirrored the state’s, falling 10.3 percent year to date (YTD). Meanwhile, sales in San Antonio and Fort Worth dropped 16.1 and 12.4 percent YTD, respectively, despite positive growth in the luxury-home sector. Luxury-home sales increased by a third relative to year-end levels in Austin, but the overall metric still contracted 8.4 percent. Although Houston sales declined across all price cohorts in April, YTD activity decreased only 4.4 percent.

Texas’ average days on market (DOM) registered a steep drop to just 37 days in April, corroborating robust demand amid steady population growth and favorable economic conditions for higher-income potential homebuyers. In Austin and North Texas, the average home sold even faster, staying on the market only 19 days in the former and 28 and 27 days in Dallas and Fort Worth, respectively. San Antonio’s DOM matched the statewide metric, while Houston’s steadied at 41 days.

National economic data fulfilled expectations from earlier in the year, which were priced into first-quarter interest rates. The ten-year U.S. Treasury bond yield stabilized at pre-pandemic levels of 1.6 percent** in April, while the Federal Home Loan Mortgage Corporation’s 30-year fixed-rate flattened at 3.1 percent. Reflecting the national trend during 1Q2021, the median mortgage rate within Texas inched up to 2.89 and 2.76 percent for GSE and non-GSE loans, respectively, in March***. Amid higher mortgage rates, Texas home-purchase applications slid 17.3 percent YTD in April but remained one-third above year-ago activity. On the other hand, refinance applications decreased 34.1 percent YTD, being more sensitive to mortgage rate fluctuations. Lenders adding more requisites and the shrinking pool of households able to refinance is likely impacting refinance activity as well. (For more information, see Finding a Representative Interest Rate for the Typical Texas Mortgagee.)

In March, the median loan-to-value ratio (LTV) constituting the “typical” Texas conventional-loan mortgage decreased from 85.4 to 83.9. The debt-to-income ratio (DTI) flattened at 35.4, but the median credit score jumped from 753 to 757. The median LTV of the GSE borrower inched up from 85.1 to 85.7 but continued to trend downward, while the DTI dipped from 35.9 to 35.6. Overall improved credit profiles may reflect the fact that only the most qualified housing applicants are able to outbid their competition for their desired homes amid exceptionally tight inventories and robust demand.


A shift in the composition of sales toward higher-priced homes due to constrained inventories at the lower end of the market contributed to home-price appreciation. The Texas median home price rose for the fourth consecutive month, accelerating 17.3 percent YOY to a record-breaking $289,700 in April. The share of luxury-homes sold in Austin more than doubled to two-fifths compared with this time last year, contributing to the 41.7 percent annual surge in the median price ($451,400). The Dallas metric ($355,400) also increased at a higher rate than the state average, skyrocketing 20.4 percent. The median price elevated 17.5 percent YOY in Houston ($291,300) and 15.2 and 15.1 percent in San Antonio ($275,200) and Fort Worth ($290,300), respectively.

The Texas Repeat Sales Home Price Index accounts for compositional price effects and provides a better measure of changes in single-family home values. Texas’ index corroborated substantial and unsustainable home-price appreciation, soaring 13.5 percent YOY. Austin’s index rose 34.5 percent, followed by North Texas with 11.9 and 15.2 percent home-price appreciation in Dallas and Fort Worth, respectively. Meanwhile, the metric climbed 12.0 percent in San Antonio and 9.2 percent in Houston. Increasing home prices pressure housing affordability, particularly in an environment of mortgage rate hikes and low wage growth.

Single-Family Forecast

The Texas Real Estate Research Center projected single-family housing sales using monthly pending listings from the preceding period (Table 1). Only one month in advance was projected due to the uncertainty surrounding the COVID-19 pandemic and the availability of reliable and timely data. Texas sales are expected to decrease for the second straight month in May, falling around 5 percent. Activity is likely to decline about 5.5 percent in Houston and San Antonio, and drop 7.3 percent in DFW. Austin’s single-family sales are predicted to slump 4.3 percent, normalizing to a more sustainable pace in a low-inventory environment. Nevertheless, sales through the first five months of 2021 should surpass sales during the same period in 2020.

Household Pulse Survey

According to the U.S. Census Bureau’s Household Pulse Survey, only 5 percent of Texas homeowners were behind on their mortgage payments in April, matching the national average (Table 2). The metric within DFW ticked up to 7 percent, but the rate fell to just 3 percent in Houston. The share of Texas respondents who were not current and expected foreclosure to be either very likely or somewhat likely in the next two months, however, rose to 26 percent, the highest since December (Table 3). The proportion of delinquent individuals who were at risk of foreclosure was at an all-time high of 33 percent in North Texas (series starting in the Week 13 survey of Phase 2), although the metric stabilized at 15 percent in Houston. Both the Federal Housing Finance Agency’s foreclosure and REO eviction moratoriums for properties owned by Fannie Mae and Freddie Mac (the Enterprises) and the Centers for Disease Control and Prevention’s federal eviction moratoriums are currently set to expire on June 30, 2021. Continued stability in the housing market is essential to Texas’ economic recovery.

* All measurements are calculated using seasonally adjusted data, and percentage changes are calculated month over month, unless stated otherwise.

** Bond and mortgage interest rates are nonseasonally adjusted. Loan-to-value ratios, debt-to-income ratios, and the credit score component are also nonseasonally adjusted.

*** The release of Texas mortgage rate data typically lag the Texas Housing Insight by one month.

To see the previous month’s report, click here. For the report from a year ago, click here

Previous reports available: 

2021: January, February, March, April , May

2020: January, February, March, April, May, June, July, August, September, October, November, December

2019: January, February, March, April, May, June, July, August, September, October, November, December

Source – James P. Gaines, Luis B. Torres, Wesley Miller, Paige Silva, and Griffin Carter (June 14, 2021)


Fair Housing Awareness

Fair Housing Awareness in a Strong Sellers Market

Next up is the third and final video in our series on navigating a strong seller’s market where we discuss those buyer “love letters” that sometimes accompany contracts in a multiple offer situation.
Key takeaways:
– They can bring legal trouble to the seller
– Selling agents should let buying agents know that they will not accept them
– There are similar implications that sellers need to be aware of in regards to home surveillance systems in the home that are recording during showings
For the first and second videos in this series and other informative real estate and title videos, visit our YouTube page at youtube.com/republictitle
For more information or to get in contact with your Business Development Representative at Republic Title visit: https://www.republictitle.com/residen​​… To download our top resources to boost your business visit: https://www.republictitle.com/residen​​… SUBSCRIBE to the Republic Title YouTube channel: https://www.youtube.com/c/republictit​​

May 2021 DFW Area Real Estate Stats

May 2021 North Texas real estate stats are out and we’ve got the numbers! Our stats infographics include a year over year comparison and area highlights for single family homes and condos broken down by MLS area. We encourage you to share these infographics and video with your sphere.

It’s not only HOT outside, the market is still red hot across all five counties!  New listings were down an average of 15% compared to May of 2020 In Dallas, Tarrant and Rockwall counties, with Collin County enjoying a slightly less comparison of almost 6%. Interestingly, the number of sales are up in every county, along with the averages sales prices rising over 20% in all counties.  It is still a great time to be in the game here in North Texas!  Please reach out to us at Republic Title for helpful resources or visit www.republictitle.com  or download our app!

To see past month’s reports, please visit our resources section here.

For the full report from the Texas A&M Real Estate Research Center, click here. For NTREIS County reports click here.

Lingo You Should Know

Lingo You Should Know When Buying a Home

We are continuing to celebrate National Homeownership Month which is a time to celebrate the benefits that homeownership brings to families and communities. In honor of National Homeownership Month, we have curated a list of our most popular homeownership resources for new homebuyers. Next up is our Lingo You Should Know.

When you are preparing to buy a home, there are many words that may be unfamiliar to you. This list of commonly used real estate terms is intended to help you in the home buying or selling process.

Adjustable rate mortgage (ARMs) – A home loan with an interest rate that can change periodically. This means that the monthly payments can go up or down. Generally, the initial interest rate is lower than that of a comparable fixed-mortgage rate. After that period ends, interest rates, and your monthly payments, can go lower or higher.

Amortization – The repayment schedule of a loan, including payments of principal (the original amount borrowed) and interest. An amortization schedule displays, in a table format, the amount of principal and interest included with each payment, along with the remaining loan balance.

Appraisal – The estimated value of a property based on a qualified appraiser’s written analysis. Banks typically require appraisals before issuing loans to ensure the estimated value of the property adequately supports the sales price and the loan being taken out by the Buyer.

Buyer’s Agent – A real estate agent who represents the interests of homebuyers.

Closing Costs – These refer to miscellaneous expenses (typically paid by the buyer) to close the deal. Expenses can include mortgage fees, recording fees, title insurance, transfer taxes, credit check fees, commissions, inspection fees, appraisal fees, and more.

Closing Disclosure – Final account of your loan’s interest rate and fees, mortgage closing costs, your monthly mortgage payment, and the total of all payments and finance charges. This document also notes the amount the Buyer has to bring to closing or the Seller will receive in proceeds.

Comps. – An abbreviation for “comparable properties,” which are used as a comparison in determining the current value of a property that is being appraised.

Contingencies – Particular conditions that must be met prior to closing a real estate transaction such as a home inspection (to ensure the home has no serious defects), a financing contingency (which releases a buyer from the sales contract if their loan falls through), or a contingency that a buyer must first sell their current home.

Deed – The legal document transferring ownership or title to a property.

Earnest money – Money that the Buyer deposits with the title company or directly with the Seller as a good faith gesture that they are serious about buying a home.

Escrow – A legal arrangement in which a third party temporarily holds large sums of money or assets until a particular condition has been met (e.g., the fulfilment of a purchase agreement).

Escrow Reserves – Funds collected as part of the borrower’s monthly payment and held in escrow for the payment of the borrower’s property taxes and/or homeowners insurance.

Executed – When a legal document has had its contents agreed upon by Buyer and Seller and signed by all parties to the document.

Final Walk-through The last walk-through of the home before closing, after any inspections and agreed upon repairs are made.

Fixed-rate Mortgage – A loan with a fixed interest rate and payment amount for the duration of the loan repayment period. They are traditionally 30 years in length but can be issued for 15 years, 10 years, or another duration.

HOA Transfer CertificateA document issued by a Property Owners Association or Condo Association (if applicable) that outlines the fees associated with the transfer of the property that are to be collected from the buyer and seller at closing. 

Home Inspection – A thorough professional examination that evaluates the structural and mechanical condition of a property (plumbing, foundation, roof, electrical, HVAC systems, etc.) to identify problems with the house before purchasing. A pest inspection is also common as well as a pool inspection when applicable.

Homeowners Insurance Insurance that covers losses and damages to an individual’s residence, along with furnishings and other assets in the home. 

Home Warranty An insurance on some of the items in your home that can lead to costly repairs when in need of work, such as, HVAC systems, appliances, and even pest control. Every policy is different, so read your policy well to see what is covered. The seller can provide a dollar amount towards a Home Warranty if it is selected and agreed upon within the contract.

Loan Approval Loan Approval is given when the borrower has met all qualifications set by the lender and their file has gone through underwriting.

Mortgage Insurance Premium (MIP) The amount paid by a borrower for mortgage insurance, either to a government agency such as the Federal Housing Administration (FHA) or to a private mortgage insurance (PMI) company.

Mortgage Lender The lender providing funds for a mortgage. Lenders also manage the credit and financial information review, the property and the loan application process through closing.

Multiple Listing Service (MLS) — The MLS is a local organization that collects, catalogs and distributes home listings for sale and lease as well as data on past sales. Real Estate Agents get access to the MLS by being a paid member of the organization. Some of the information in the MLS is distributed to popular listing websites.

Offer – A formal request to buy a home. This is most often presented to a seller in the form of the contract and addenda required to purchase/sell a property that outlines all the terms and conditions of the offer.

Points – Prepaid interest on a loan, often equal to one percent of the loan amount.

Possession – Occupancy of the home by the buyer can happen at two different times, on closing or after closing. What this means is the buyer can get control and right of entry to the home on the day of closing or upon some later agreed upon date.

Pre-approval (loan) – A lender’s preliminary approval to grant a loan up to a specified amount (subject to receiving full documentation). Pre-approval for a loan strengthens a buyer’s negotiating position with a seller.

Pre-qualification – Less “official” than a mortgage pre-approval, banks offer (at no cost or obligation) pre-qualifications to estimate the amount a buyer may be able to borrow. It is often used early in a buyer’s search to help determine a reasonable price range.

Private Mortgage Insurance (PMI) – A monthly insurance payment that may be required if a buyer’s down payment is less than 20 percent of the home’s purchase price. It protects lenders against loss if a borrower defaults on their loan.

Rate Lock – An agreement in which an interest rate is “locked in” or guaranteed for a specified period of time prior to closing.

REALTOR®  This is a real estate agent who is also a member of the National Association of Realtors, meaning they uphold certain standards and codes of ethics.

Real Estate Broker  A real estate agent that has additional education, has passed the state broker’s exam, and meets minimum transaction requirements.

Sales Contract – A legal agreement between a buyer and seller to purchase real estate, for a specified price and terms, for a limited time period. This is the finalized and executed offer contract and addenda.

Seller’s Agent – The real estate agent who represents the seller of a piece of property. Their job is to act in the best interests of the seller, marketing their home to potential buyers, and negotiating on the seller’s behalf.

Survey – A drawing of your property prepared by a Registered Professional Land Surveyor that locates the boundary lines, any improvements, easements, building lines, encroachments of any structures or improvements over the property lines, easements or building lines on the property.

Survey Deletion Coverage – The Owner’s Title Policy contains a standard exception to: “Any discrepancies, conflicts, or shortage in area or boundary lines, or any encroachments or protrusions, or any overlapping of improvements.” When the Buyer purchases Survey Coverage, this standard exception is amended to remove everything except the words “shortages in area” and exceptions are added to exclude any matters currently shown on the survey from coverage in the Policy. 

Title – Document that refers to your right of ownership and thus your ability to sell.

Title Insurance – Insurance purchased to protect against any unknown liens or debts that may be placed against the property as well as any claims by anyone else that they own or have any rights to your property that are not known or disclosed at closing. 

Underwriting – The process used to determine loan approval. It involves evaluating the property and the borrower’s credit and ability to pay the mortgage.

To download the Lingo You Should Know resource, click here. To view other Home Buying Resources, visit the Resources page on our website.

Navigating Multiple Offers

Navigating Multiple Offers in a Strong Sellers Market

Next up in our video series on navigating a strong seller’s market, we discuss multiple offers. Whether you’re a buyer’s agent trying to write the strongest possible offer for your clients, or you’re the listing agent with an email box full of offers, there are important things you both need to consider outside of just the sales price.
Key takeaways: – Seller’s agents: Use the Invitation for a new Offer form to get your clients their “ideal” offer. – Buyer’s agents: Set reasonable time expectations of the process before you write an offer that will not be able to meet an improbable timeline.
For the first video in this series and other informative real estate and title videos, visit our YouTube page at youtube.com/republictitle
Home Buyers Roadmap

Home Buying Road Map

We are continuing to celebrate National Homeownership Month which is a time to celebrate the benefits that homeownership brings to families and communities. In honor of National Homeownership Month, we have curated a list of our most popular homeownership resources for new homebuyers. Next up is our Home Buying Road Map.

Buying a home is an exciting time! And it can also be an overwhelming process. There are many steps, tasks, and tons of documents to complete. We have put together the below list of the 15 key steps in the home buying process to make the process easier to understand.

  1. Get Pre-Qualified & Pre-Approved
    a. Pre-qualification is an estimate for credit given by a lender based on information provided by the borrower.
    b. To get pre-approved, a lender will check your credit and verify documentation to approve a specific loan amount for a certain period of time.
  2. Find a Real Estate Agent
    Your real estate agent is an expert in the home selling process and is the one who will be “on your side” and watching out for your best interest.
  3. Set a Budget
    The best way to start the home buying process is to determine how much home you can afford. Try out a Home Affordability Calculator to get started.
  4. Start Your Home Search
    This is the fun part! With your pre-approval letter in hand, now is the time to find your dream home.
  5. Make an Offer
    You’ve found the one. Now is the time to make an offer. This is when your real estate agent will shine in helping with the negotiation. A purchase offer usually also requires including an earnest money deposit.
  6. Option Period
    An agreed upon period of time, stated in the contract, which gives the Buyer the right to terminate the contract for any reason. Normally, the Buyer has the property inspected during the option period.
  7. Escrow
    After the offer is accepted and the contract is signed, the Buyer has three days to deposit the agreed upon amount of earnest money with the escrow agent/title company.8.
  8. Title Work Begins
    Republic Title examines public records to deter-mine ownership, liens and other matters that could affect the title, such as judgments, bankruptcies, divorce, death, which require further investigation by the title company before closing can occur.
  9. Home Inspection
    The Buyer may hire a professional home inspector to ensure the property is in good condition. This must be done before the option period ends.
  10. Home Appraisal
     A home appraisal provides an independent and impartial analysis of real property. At the end of the appraisal, you will be provided with an accurate estimate of the fair market value of the home being sold.
  11. Loan Approval
    After the home appraisal your loan application, accompanying documents, and credit history are analyzed by an underwriter for the lender, the home meets appraisal requirements, and the loan is approved.
  12. Obtain Homeowners Insurance
    Homeowner’s insurance provides coverage for damage to your house and other structures on the property where your house is located.
  13. Post-closing/Funding
    The title company sends signed documents to lender for final approval. All money is distributed.
  14. Closing Day
    The big day is here! You will be signing lots of paper. Make sure to bring valid unexpired photo identification such as a driver’s license or passport, your spouse, a cashier’s check if you are bringing cash to closing, as well as any additional documentation requirements. If you have initiated a wire transfer to send funds electronically, be sure to verify receipt of funds with the title company.
  15. Get Keys & Move!

To download the Home Buying Road Map resource, click here. To view other Home Buying Resources, visit the Resources page on our website.