Find an Expert
Although a home inspection is not required, it is a good idea to obtain the services of a professional qualified inspector to help you determine the condition of the home you are looking to purchase. A professional inspector will look for any structural issues as well as mechanical problems that may exist in the home that could cause problems in the future. In addition to a structural review, an inspector will also check faucets, toilets, appliances, and other items in the home to make sure everything is in working order. If something needs to be addressed, you can address them with the seller prior to closing.
Standard documentation collected for a purchase transaction includes information regarding your income such as paystubs covering the most recent 30 days and W-2s for the last two years, asset information such as bank or mutual fund stock statements covering the last 60 days showing source of funds for your down payment, closing fees, points, pre-paid items, and other funds needed to close your home loan. For a more detailed list of items, please take a look at our purchase document checklist (PDF)(document opens in new tab).
A typical escrow period is 30, 45, or 60 days. The escrow period, defined on the purchase contract and agreed upon by both buyer and seller, is usually what dictates when your loan closes.
loanDepot’s easy-to-use calculator puts you in charge of estimating your mortgage payment.
Time to refinance? loanDepot’s powerful savings tool will assess your options instantly