Steps to Home Ownership- #10: Sawyer Savings Orders Third Party Services

When you apply for your mortgage Sawyer Savings will order certain services to complete the process. First, Sawyer Savings gives your loan package to a Sawyer Savings processor. They may request additional information from you if needed and will also supply you with certain disclosures required by law. The processor will request an appraisal, which determines the current value of your future home. The appraisal is beneficial for both the bank and the buyer as it protects a potential buyer from paying too much for a house and gives the Bank a value on the collateral for your loan. This is not the same as a home inspection and does not replace it.

The processor will also request Title Insurance, which covers issues that occurred before the closing:

  • Improperly recorded or forged legal documents
  • Liens from contractors, taxing entities, or previous lenders
  • Property survey errors
  • Building code violations by a previous owner
  • Claims by co-owners who didn’t sign off on the sale

Title insurance will not cover issues after the closing such as not paying contractors for completed work on the home, illegal home additions, or eminent domain. Please address any questions you may have on Title Insurance with Sawyers Savings or your attorney.

The processor will also verify employment, your assets, and get your file ready for the underwriter. The underwriter will summarize the information about your income, credit history, debt ratios, and savings to determine if your request for a mortgage should be approved. An underwriter will look to see if you have the income available to afford the mortgage payments, if you have a history of repaying your obligations, and if you have a few months of mortgage payments in savings in case of an emergency.

Once you’ve been approved for your mortgage request, you will receive a commitment letter from Sawyer Savings explaining the terms of your loan. A copy of your commitment letter will be provided to your attorney, who will guide you through the process of meeting the conditions for the closing. If the before-closing conditions have been satisfied, you will be contacted by your attorney to schedule your closing. Please be patient. The closing may happen quickly or may take several weeks depending on everyone’s schedule.