once in contract what do we need to do?

Apparently the seller's lawyer is submitting the contract in the morning

Once we sign the contract, what do we need to be prepared to do?

Thanks for all the help!!

This is so exciting!!!

Re: once in contract what do we need to do?

Once the contract is signed a copy will go to your lender and then be prepared to give them tons of paperwork and sometimes more than once. Once you get closer to closing you can worry about switching utilities etc

Re: once in contract what do we need to do?

Yes, once you sign the contract, you have to wait for the seller to sign. After both parties have signed, you are "in contract," and at that time, you can apply for your mortgage.

Your attorney will review the entire contract with you before you sign, but there is a specific time period set forth in the contract during which you must obtain a mortgage commitment from your lender. It's typically 45 days, but does not have to be. So you want to make sure that you apply for your mortgage as soon as you are in contract.

If you haven't already, you probably want to speak to your contact at your lender to find out what you will need to submit with your mortgage application. That way, you will be ready to get the ball rolling asap, and won't have to first start collecting documents.

ETA - You should also start shopping around for homeowners' insurance, which you will need to obtain prior to closing (the bank will require it).

Good luck!

Message edited 12/18/2011 8:06:37 PM.

Re: once in contract what do we need to do?

Watch your bank accounts too, meaning deposits.

We had to document each and every deposit that we made. When we were in contract, I had just switched jobs and wasn't getting direct deposit yet. Our lender requested my pay stubs so I could prove where the money was coming from. Also the money was going to be withdrawn from my checking account so DH had to write me a check from his account, get a receipt from the bank, then I had to deposit it into my account, get a receipt for that, and lastly, we both had to show our statements reflecting his withdrawal and my deposit.