Once you find the home of your dreams and you’re ready to make a purchase, it’s important to turn your attention to the process of securing a mortgage.
While this is easier said than done, the right approach can put you on the path to success.
There are many mortgage mistakes that could delay your home closing, including but not limited to the following:
- Ignoring your lenders request for more information. At some point, your lender may require more information from you. If this happens, you want to provide it to them in a timely manner.
- Making a large purchase. For example, you don’t want to buy a new car while you’re waiting to close on your home. You should also avoid running up a large credit card balance.
- Neglecting to keep everyone on the same page. This includes your lender, real estate agent and title company. All of these parties need to work together to ensure that your closing goes off without a hitch. If even one person is out of the loop, it could hold you back.
You want your mortgage to be ready when you reach the closing table. If it’s not, you’ll have to wait to finalize the purchase of your property.
In addition to the steps you need to take, your mortgage lender needs to stay on the ball as well. If they don’t, it could impact you in the end, which can lead to both lost time and money.
If anything goes wrong during the closing process, don’t hesitate to learn more about your legal rights and the steps you can take to clear the air.
Source: Realtor, “Your Final Steps to Securing a Home Loan,” accessed Oct. 25, 2017