16 steps you need to know after escrow is opened

Image for post
Image for post
Photo by Seth Doyle on Unsplash

Viewing one house after another; weeks, or even months of searching; you have finally found your dream home!

Your offer gets accepted and now escrow is opened. So what is next?

Below are the steps that will typically happen throughout the process. Because every transaction is different, and every state may have its own rules and customs, be sure to check with the professionals you are working with about your specific situation.

Step 0 — Opening escrow

The phrase “open escrow” gets tossed around quite often when you buy a house. …


Let’s do a deep dive

Image for post
Image for post
Photo by John Schnobrich on Unsplash

This is typically how it goes:

You are having dinner with your friends, chit-chatting, talking about life. Your friend, Paul, brings up refinancing his home. Suddenly, you think of your own mortgage. Is it a good time to refinance?

Later, you go home, and Google about today’s mortgage rates. The next day, you decide to give your favorite mortgage advisor a call. The debate of whether it’s the right time to refinance, or not, has begun.

This is what I imagine my clients go through before calling me to discuss refinancing.

Where are we now?

Image for post
Image for post
Mortgage News Daily

Do you see that peak in the graph above? That’s October 1981. The average 30-year fixed mortgage rate was at 18.45%. Now, look at where we are today — 3.42%; it is not a secret that rates are at a historical low since April 1971. …


It’s really not that complicated

Image for post
Image for post
Photo by Bench Accounting on Unsplash

If you have been renting for a while or living at your parents’ house, this question may have crossed your mind, “Should I buy a house?”

When you are moving to a new stage of life, see those beautiful homes on HGTV or, when you drive by a very charming neighborhood, you just can’t shake the feeling that you want to have your own home.

When you call your realtor friend, the first thing she asks you is, “Are you pre-approved?” …

About

Dorothy Pang

Mortgage expert (NMLS 1191301, CalDRE 01488417) and part-time explorer. About me: https://linktr.ee/dorothypang

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store