Tips for Securing a Mortgage and Making Your Closing as Smooth as Possible
Numerous setbacks and complications can arise in any real estate transaction, but if you’ve secured a mortgage and trust your lender, your transaction and closing has the best chance of proceeding smoothly and quickly.
The following are a few tips to help you begin and speed up the loan process so that you can plan on an efficient closing:
- Get preapproved for a mortgage before you begin your home search: Getting preapproved gives you an idea of how much you can afford, and it will also give you a realistic expectation of what you will pay for your new property.
- Have your documents organized: Before you apply for a mortgage, collect all your recent bank statements, pay stubs, tax returns and any other necessary documentation. Having this all on hand will save you time later when your loan officer needs to look over them.
- Work with experienced lenders: Experienced mortgage lenders will have a good idea of how long it typically takes to process loan applications, which is important if you have a tight window between closing and the accepted offer. They will also be able to help you clear up or avoid potential setbacks early.
- Have your down payment ready: You should have already been saving for the down payment on your property before submitting the offer, so this should not be an issue. In most cases, you will need a certified check from your bank.
- Negotiate a repair timeline: If the seller has agreed to make some repairs on the property, make sure you have a written agreement for when those repairs will be completed. If you go through your final walk-through and see the repairs still have not been done, you may need to renegotiate the deal.
- Stay in touch with your lender: Lenders often ask for information at the last minute, which could take you by surprise. Stay in touch with your lender to give yourself more time if there’s any other information you should bring to your closing.
To learn more about securing a mortgage and the real estate closing process, consult a central Virginia real estate attorney with Miller Law Group, PC.