Offer Accepted! Here’s What Happens Before You Get Your Keys.

Congratulations — your offer was accepted. Before anything else, read the fully signed purchase agreement and every addendum with your real estate agent. The contract sets the closing date, possession (when you actually get the keys), earnest money, what stays with the house, and the contingency deadlines that will shape the next several weeks.

This timeline is educational and illustrative. Your contract dates and your lender’s requirements control. It is not a promise that a closing will happen in a set number of days.

First-Time Buyer Roadmap → Have a closing question? Ask Shane →

Once you apply (or update your application for this property), federal rules require the lender to give you a Loan Estimate. The Loan Estimate must be delivered or placed in the mail no later than the third business day after the lender receives your application. For that initial timing, “business day” generally means a day the lender is open to the public for substantially all of its business functions (12 CFR 1026.19(e)(1)(iii) and 1026.2(a)(6)).

Before the lender can charge most fees (other than a reasonable credit-report fee), you must indicate your intent to proceed with that application (12 CFR 1026.19(e)(2)(i)). For a purchase loan, you should also receive the CFPB booklet Your Home Loan Toolkit.

These are disclosure rules, not a closing-date promise. Compare every Loan Estimate carefully and ask questions before you proceed.

CFPB Loan Estimate explainer → Get preapproved: what to expect →

Underwriting is only as complete as the file behind it. You will be asked for income, asset, and identity documents, the purchase agreement, and explanations for anything that is not self-explanatory — large deposits, gift funds, a job change, or a gap in employment.

Send complete, signed, readable pages, and reply quickly when something else is needed. Fast, accurate paperwork is one of the most reliable ways to protect your closing date.

Down payment and cash to close →

A home inspection is typically a contract contingency, not a lender condition. If your purchase agreement includes an inspection period, the clock usually starts right away. Schedule the inspector as soon as the offer is accepted so you have time to read the report and negotiate any repairs or credits with your agent, as the contract allows.

Shane does not perform the inspection and does not tell you whether to waive it. That is a conversation with your agent, and sometimes an attorney, about risk you are willing to take.

When an appraisal is required, the lender (not the buyer) orders it, and you typically pay the fee. The appraiser provides an opinion of market value that the lender uses in underwriting.

On some conventional loans, an appraisal waiver — Fannie Mae now calls this value acceptance — may be offered. Whether a waiver or value acceptance is available is a lender and investor decision, not something the buyer can assume or demand. FHA, VA, and USDA loans have their own valuation rules, which often require an appraisal.

If the opinion of value comes in below the contract price, your options depend on the purchase agreement and the loan. Talk with your agent and Shane before you decide.

Mortgage programs compared →

A title or settlement company searches the public record and issues a title commitment. The commitment describes the current owner, the requirements that must be met before a policy can be issued, and the exceptions that will not be covered.

There are two different title-insurance policies to understand. A lender’s (loan) policy protects the lender’s interest in the property. An owner’s policy protects you. They are not the same product, and an owner’s policy is typically optional but often recommended; ask the title company and your agent to explain the coverage.

Who pays for title insurance and related title fees in Michigan is not fixed by a single statewide rule we can quote as a promise. Customs vary by locality. Treat the allocation as negotiated in your purchase agreement, and confirm it on your Loan Estimate and Closing Disclosure.

CFPB: Shop for title insurance and other closing services → Michigan Register of Deeds directory →

Lenders generally require you to have a homeowners insurance policy in force at closing, with evidence of coverage and a mortgagee clause that names the lender (or servicer) as required. Start shopping soon after your offer is accepted so a delay in a quote or in binding the policy does not crowd your closing date.

You may choose any insurer that meets the lender’s requirements. Compare dwelling coverage, deductibles, exclusions, and service — not only the premium. Ask whether the home is in a flood zone; standard homeowners policies usually exclude flood, and flood insurance may be required if the property is in a Special Flood Hazard Area.

Premiums are often collected in escrow as part of your monthly payment, along with property taxes. See the homeowners insurance section below for a fuller shopping checklist and official sources.

Homeowners insurance section on this page → Michigan DIFS: Home insurance →

Underwriting is the lender’s formal review of your credit, income, assets, the property, and title. The underwriter may issue conditions — requests for more documents, explanations, or updates.

This is a period to stay boring on purpose: no new credit, no large unlabeled deposits, no job or pay-structure surprises, and no missing pages. Lenders may re-check credit or verify employment again close to closing.

Five mistakes that could delay your closing →

A conditional approval means the underwriter is willing to approve the loan if listed conditions are satisfied. It is good news, and it is not the finish line. Outstanding conditions can still include updated documents, insurance, title items, or an appraisal issue.

A conditional approval is not a clear to close, a rate lock (unless you already have one), or a guarantee of the closing date.

Have a closing question? Ask Shane →

Clear to Close (CTC) means the underwriter has cleared the outstanding underwriting conditions and the loan is approved to close, subject to final steps: issuing and delivering the Closing Disclosure, final figures, evidence of insurance, and any last-minute checks (for example, a verbal verification of employment or a credit refresh).

CTC is an important milestone. It is still not a promise that the date cannot move if a required item is late, a figure changes in a way that restarts a waiting period, or a last-minute verification comes back with a surprise.

Wire-fraud warning →

The Closing Disclosure (CD) is the five-page statement of your final loan terms and closing costs. Under Regulation Z, the lender must ensure you receive it no later than three business days before consummation (12 CFR 1026.19(f)(1)(ii)). For this waiting period, a “business day” is a specific business day: every calendar day except Sundays and the legal public holidays listed in 5 U.S.C. 6103(a). Saturdays count (12 CFR 1026.2(a)(6)).

Use the optional planner on this page to see an illustrative “should arrive by” date. If the CD is not handed to you in person, you are generally considered to have received it three specific business days after it is delivered or mailed, unless the lender has evidence of earlier receipt (12 CFR 1026.19(f)(1)(iii)). Your actual lender dates control.

Some changes after the CD is issued require a new Closing Disclosure and a new three-business-day waiting period: the APR becomes inaccurate beyond the legal tolerance, the loan product changes, or a prepayment penalty is added (12 CFR 1026.19(f)(2)(ii)). Other changes may require a revised CD at or before consummation without restarting the clock. Compare the CD carefully with your most recent Loan Estimate and ask questions during the waiting period, not at the last minute.

CFPB Closing Disclosure explainer → Closing Disclosure planner →

A final walkthrough is usually scheduled shortly before closing, on the terms of your purchase agreement. It is your chance to confirm that the home is in the expected condition, agreed repairs were completed, and included items are still there.

This is typically you and your agent. Shane is usually not on site. If something is wrong, raise it before you sign, through your agent, so it can be addressed in writing if needed.

The closing appointment is when you typically sign the loan documents (including the promissory note and the mortgage) and the purchase documents (including the deed, depending on how your closing is run). Signing is the act of executing the paperwork. Consummation is a legal concept under Regulation Z: the moment you become contractually obligated on the loan (12 CFR 1026.2(a)(13)). In many purchase transactions those happen at the same meeting, but the distinction still matters for Closing Disclosure timing.

The federal three-day right of rescission generally does not apply to a loan used to purchase or build your principal dwelling — a “residential mortgage transaction” (12 CFR 1026.23(f)(1)). That cooling-off right is mainly for certain refinances and other home-secured credit, not a typical purchase closing.

Bring a government-issued photo ID. If you will wire funds, verify the instructions by phone with a known number before you send money. Keys and possession are controlled by the purchase agreement, not automatically by the moment you sign.

Signing, consummation, funding, and recording → Wire-fraud warning →

Funding, or disbursement, is when the lender releases the loan proceeds. Recording is when the deed and the mortgage are filed with the Register of Deeds in the Michigan county where the property is located, making the transfer and the lender’s lien part of the public record. These are separate steps from signing and from consummation.

When you receive keys, and when you may occupy the home, depends on the possession terms in your purchase agreement. Some contracts provide possession at closing, some after funding or recording, and some on a later date. Do not schedule a move solely on a hoped-for time of day.

After you own the home, Michigan has its own property-tax follow-up, including a Property Transfer Affidavit and, if the home will be your principal residence, a Principal Residence Exemption claim. The First-Time Buyer Roadmap explains those deadlines in more detail.

Michigan Register of Deeds directory → Michigan property-tax uncapping (roadmap) →