After all the asset submissions, credit checks, home appraisal and inspection, all that's left is to wait... and wait...
Wait for the underwriting to finish and hope the loan is completely approved.
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Home appraisals are necessary to make sure the value of the home isn't lower than the loan amount.
Inspections aren't necessary, but highly highly recommended. Inspectors are trained to look deep in the home's structure and make sure all aspects are up to code.
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So that's currently where we're at... just waiting for the loan documents to pass and move to the escrow company.
interesting reads on the underwriting process:
loan application timeline
Mortgage basics from bankrate
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