Keep the purchase moving toward closing
Once you are in contract, several people work on different parts of the purchase. Your job is to stay responsive, understand what is outstanding, and raise problems early.
Keep one list of open items
Track lender requests, attorney and title questions, insurance arrangements, agreed repairs, and important dates. Record who is responsible and when you need an answer. A loan commitment may still have conditions; it is not the same as permission to assume everything is finished.
Ask your lender about the rate-lock expiration and what happens if closing moves. Avoid new financial commitments without discussing them with the lender. Keep the attorney informed if the loan timetable threatens a contractual deadline.
Understand an appraisal shortfall
An appraisal is a lender-related valuation, separate from the home inspection. For many purchase mortgages, the loan-to-value calculation uses the lower of the purchase price and appraised value. Ask the lender for the actual effect on your loan and cash needs.
Illustration: on a $500,000 purchase with an 80% loan-to-value plan, the expected loan is $400,000. If the appraisal is $480,000 and the lender maintains 80% LTV, the loan becomes $384,000. Cash toward the price increases by $16,000, before closing costs—not automatically the full $20,000 difference.
Compare the available responses
Ask about negotiating the price, contributing more cash if affordable, or an available loan adjustment. If the report has errors or missing relevant information, ask the lender about its reconsideration-of-value process. Another appraisal is not automatically available or guaranteed to change the outcome.
Have your attorney explain whether the contract provides a way to cancel or another protection, and the required timing. Do not commit extra reserves simply because you have already invested time in the purchase.
Prepare for the final figures
For most covered mortgages, the lender must provide the Closing Disclosure at least three business days before consummation. Compare the loan terms, costs, credits, deposit credit, and cash to close with the earlier Loan Estimate and your records. Ask about differences promptly.
Arrange insurance to take effect when required and coordinate utilities and the walkthrough. Confirm the closing arrangements with the attorney and lender before booking an irreversible move. “Clear to close” is progress, but you still need confirmed instructions, documents, and funds.
Keep a single open-items list. Each item needs a responsible person and a next date.
Your next step
Use page 11 of the workbook to record:
- Loan conditions, rate-lock date, and financing deadline
- Appraisal result and updated loan/cash figures
- Title, insurance, repair, and document items outstanding
- Closing Disclosure received; questions about final figures
Further reading
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Ask Tom a questionHow I help buyersEducational guidance by Thomas Brady, Licensed Associate Real Estate Broker, Vintage American Realty, LLC. Updated September 11, 2026. Your lender, attorney, insurer, and other qualified professionals should confirm the requirements for your purchase.