After the inspection was done and we've decided to move ahead with the purchase, we had to finalize the details of the contract and hand in the earnest money. Once that's done, we had to apply for a loan.
The contract negotiations were, for the most part, handled by our lawyer, who I am very thankful to be working with. As luck would have it, our real estate lawyer is very good. He is not only attentive, but readily available when we or our bank have questions. He proactively negotiated to remove parts of the contract that would have been detrimental to us, which makes me feel like he making his best effort to represent our interests.
Eventually, the contract was finalized and our closing date was set on a date later than we would have liked. It was because of this late closing date that we decided to pay extra to lock in our mortgage rate in case it rises. In any case, we had to bring a mountain of paperwork to the bank mortgage guy to apply for the loan. It went smoothly, but it took a long time.
A while later, we get an email from some other bank dude that does the nitty gritty for bank loans and he informed us that our loan was approved to be underwritten. Yay! Now all we have to do is liquidate some funds so that we can prove we can cover the down payment. So far, so good (knock on wood!)
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