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A: Why use a Connecticut Mortgage Broker?
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6. Presenting Your Offer
Once your offer is accepted, you just need to stay on top of a few details and the process will proceed along course. Your attorney or the attorney/closing officer of your CT mortgage company will gather most of the required paperwork and forms for the closing as an integral part of the Connecticut home loan process.
To finalize the sale, you and the seller will work with a third party, usually an attorney or lending officer, to handle deposits, documents and instructions necessary to complete your home purchase. The time between your offer being accepted and the closing is the escrow period.
During the escrow period, your attorney or closing officer will make sure contingencies are satisfied, prorate the property tax payments, record and exchange deeds, and work to clear the title, among other tasks. Expect the process to take one to two months if the buyer and seller work together, and if the sales contract isn't loaded with unusual contingencies.
We, as Acorn Home Mortgage, would remind you that once an offer is accepted you normally have five business days to contact a CT mortgage company to find out if you can borrow the money required to complete the purchase. We recommend that you get prequalified for a Connecticut home loan in advance although we can do this for you within 24 hours. You may risk losing your deposit or earnest money if you do not contact a CT mortgage company within these five business days.
The Escrow Period
Generally, what you can expect during the escrow period is:
An escrow account is opened with a title company, or with an attorney or the lender's escrow department. Which one is used really depends on local custom and procedure. In Connecticut, attorneys or CT mortgage companies tend to perform this function.
Your down payment check will be deposited into an escrow account. Typically, in Connecticut the sellerˇ¦s attorney opens the account. Also file any additional documents related to the transaction such as the Purchase & Sale Agreement. Deposits into this account will be applied to the purchase price, or returned if the deal should fall through.
At this point, it's the buyer's (or the buyer's attorneyˇ¦s) responsibility to order title insurance to protect you and your lender against unknown claims on the title. Also ordered will be a preliminary title search to determine if there are any claims currently against the title. The lender will require the buyer to do so.
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