So you just signed the contract on the house of your dreams, now what should you do?

After months of open house tours, private appointments with your agent and looking at listings online, you’ve found the home of your dreams. You’ve written an offer and maybe even gone through a few rounds of counter offers with the seller. You and the seller have come to terms at last and you now have a signed contract.

At this point, everyone is ecstatic. But most, especially first-time home buyers, are also a bit anxious. What was once just a dream of actually owning this particular property is now about to become a reality, and it can be scary. The next few steps you’re about to take require no small amount of time and money. So if you have any serious doubts whatsoever, now is the time to verbalize them. It will save everyone — especially you — a lot of time, money and stress.

If you’re ready to proceed, here’s what you can expect after signing the real estate contract.

Your earnest money check will be cashed

Depending on the market, this money can vary from $500 to 3 percent of the purchase price. These funds, which helped you show the seller you were serious about the offer, are held in an escrow account of the listing broker.

Most likely, you have contingencies such as document review, property inspection and an appraisal or loan approval to get through. The money you’ve set aside for escrow or earnest money is generally non-refundable, though if the deal falls apart through no fault of yours, you may be entitled to a refund.

Read everything

There will be a lot of information to go through. An experienced Realtor ® can certainly help you with this, but this is most likely the largest investment you have made in your life. You need to take the time and familiarize yourself with all of the documents you are provided. Your first step is to start reviewing the seller’s disclosures as well as city reports and property specific reports, such as the preliminary title.

Partner with the right mortgage broker

Prior to writing the offer, you probably went through some sort of loan pre-approval or pre-qualification process. Now that the contract is signed, it’s the time to start talking to your mortgage broker or banker about the current interest rates and types of loans.

You’ll want to “lock” in a rate, at this point. A bank will generally let you lock in a rate for a certain period of time, generally between 30 and 90 days, depending on the length of your escrow. Be sure to lock in your rate at the most optimum time, if possible.

This is also the time when the bank orders a property appraisal. It could take up to a week for the appraiser to set an appointment and another week for the appraisal to be submitted to the bank. You’ll likely be in touch with your mortgage professional regularly in those first few days of signing a contract.

Eliminating surprises, the Property Inspection

The property inspection (or inspections) is likely the last important milestone after you’ve signed a contract and before you close. Your Realtor ® will help you find a reputable, experienced and trustworthy home inspector and help schedule everything.

At this point in time you have probably walked through your soon to be new home several times and thoroughly reviewed the seller’s disclosures. Make a list of anything that concerned you and provide that list to your Realtor ® to alert the home inspector. Your Realtor ® should walk you through the final report and answer any questions you might have and take the appropriate follow-up with the inspector or the seller as needed.

You’re almost ready to move in

Many people assume the home search ends with the signatures on the contract. While the search may be over, the purchase process is really just beginning.  Use the time between contract signing and closing to do as much due diligence as possible. If you have any questions, now is the time to ask them of your real estate agent, loan officer, attorney or property inspector.

Also, be aware that this period can be extremely stressful for many people. A home purchase is a lot to go through on top of your daily work, family and home life responsibilities. Take time out to care for yourself — and prepare for your new life in a new home.