If you’re a buyer looking forward to closing on a property, you know this is and can be a stressful time – sometimes littered with complications. However, if planned for carefully and thoroughly, the process can go much more smoothly.
In order to have the smoothest possible closing date, our team here at American Dream Realty put together this list of tips in which you can take care of:
- Get pre-approved. We have found that buyers who are officially pre-approved can have their loan application finalized much quicker than those buyers who don’t. Loan applications and the process of approvals can become lengthy and thereby hold up the closing process.
- Organize your pertinent documents. All of them. Grab your pay stubs, tax returns, and bank statements and assemble them in an orderly fashion. The better you are prepared, the faster your loan can be processed.
- Recruit an experienced lender. When you find one, inquire as to what the average time to process a loan is. Be even more specific and ask when they will be able to complete your mortgage. Think positive, but also try to think ahead about setbacks that may occur – such as credit issues. If they exist, ask your lender or mortgage broker how to remedy them.
- Make sure you can cover the money you need for closing costs. Your lender will ask and require proof that you have the necessary funds to cover the down payment, as well as other closing costs prior to the day of closing. Additionally, be prepared to either wire funds or present a cashier’s cash the day before closing.
- Reach out to your lender on the eve of the closing. Ask them if everything will be ready for the closing date. On the actual day of closing, ask them if your actual loan documents has been received. You never want to be in a situation with one final verification needed, or that one document is missing.
There are many, many steps in the closing process, from accepted offer to getting the keys to your new home. Don’t be afraid to ask questions and then follow-up. Don’t allow things to fall through the crack – which may result in things getting pushed back.
If you can think ahead and make sure you do your due diligence, it will be much smoother sailing.