From P&S to Closing

20After the P&S is signed, there is not much else which happens until the closing.  The lender is actively processing your mortgage, and you may be asked to provide additional documentation or answer questions.  The lender will order an appraisal of the property you are purchasing to make sure that the value of the property is worth at least the value of the mortgage you are obtaining (in the event the lender ever needed to foreclose).  If you are obtaining a low downpayment mortgage, the appraisal may also be used to assess whether the ratio of debt to equity is acceptable within the mortgage underwriting guidelines.  During this time period, any conditions or repairs which the seller is supposed to satisfy are also generally performed.  This also includes the seller obtaining the Title V septic system inspection, for properties with private sewerage.