← Buyer Toolkit
The buying playbook

Stage 5: Under contract

Inspection, appraisal, rate lock, underwriting and title: the weeks between yes and closing.

  1. Read 1 · 10 minWhat the inspection can and can't tell youWhy a home inspection is a visual, non-invasive look at accessible systems, and how that differs from an appraisal done for the lender
  2. Read 2 · 5 minIf the appraisal comes in lowWhy a lender orders an appraisal to protect its collateral, and why the loan is sized to appraised value rather than purchase price
  3. Read 3 · 9 minHow a rate lock worksWhat a mortgage rate lock commits the lender to, and where your lock status appears on page 1 of the Loan Estimate
  4. Read 4 · 4 minFrom conditional approval to clear to closeWhat a mortgage underwriter reviews: income, assets, credit, the property and the loan program's guidelines
  5. Read 5 · 11 minWhat a title search findsWhat a title search looks for in public records: liens, unpaid taxes and municipal charges, heirship disputes, easements, and chain-of-title errors
Next: Closing

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Buying for the first time? HUD-approved housing counselors offer pre-purchase counseling, often at no cost. Find a counselor