One of the interesting things I see as a closing agent is the stress the buyers can be under with all of the things they shouldn’t do between the times they write a contract to the time they get to the closing table. This should be a joyous occasion. Owning your piece of America. But the stress they feel can be alleviated easily with the right approach, a good loan office and a smart Realtor.
Ensuring you have a team behind you that knows how to explain things really makes a huge difference. But many buyers fall into the excitement pitfalls that can happen when buying a home. Some things to you should remember are:
Don’t make any BIG Purchases. Excitement of window treatments, new furniture, wall hangings, and whatever else you need to make your house a home can be exciting and you want to run out and buy it all. But running up those credit cards, or draining your savings account can be a hit to your credit and reserve funds the lender may need you to have for the closing.
Paperwork. Yeah, we all get tired of signing the pile of documents, but ensuring they are all done in a timely manner can allow things to happen on time, and happen smoother. Getting documents the lender needs quickly lets them process the loan faster. In turn will help the loan get full approved faster so we can close on time.
Inspection Repairs. Sometimes during home inspection, you find items needed to be corrected. Your Realtor will request these items be taken care of. But be sure to monitor the progress of these items. Sometimes they can cause a delay in the closing if not completed on time, or not completed properly. Using licensed contractors is very important for certain repairs. Your Realtor will guide you in the right direction.
Closing Costs. Most Realtors and Loan Officers have a really good grip on the fees the market will allow. So don’t get sticker shock when it comes to closing time. Shop around, it never hurts to get second or third opinions from a different title company than who your Realtor or lender may suggest. But remember, you the consumer have the right to close the title company doing your closing. But also remember, cheaper isn’t always better.