08 APPRAISAL ordered Your lender will arrange for a third party appraiser to provide an independent estimate of the value of the house you are buying. The appraisal lets all parties involved know that the price is fair. The loan file then moves on to the mortgage underwriter. If approved you will receive your final commitment letter that includes the final loan terms & percentage rates.
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HOME OWNERS INSURANCE
This ensures that the seller truly owns the property and that all existing liens, loans or judgments are disclosed.
You'll need insurance for the new home before closing. This will protect against things like fire, storms, and flooding.
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