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Want Your Closing to go Smoothly? Follow These Tips…

Shawn Von Talge



05-29-2015

Loan ClosingEver wonder what it takes for a purchase closing to go smoothly and what you, as the client, can do to help ensure that the “American Dream” becomes a reality for you?

Most of the struggles in closing a residential purchase transaction can be avoided if you follow a few tips. The lending environment is inundated with a plethora of compliance and legal protocol and has never been more complex than it is today. From the disclosure paperwork to the documentation required and everything in between, the behind-the-scenes work required from a lending perspective can be overwhelming at times. With that being said, the process of attaining a mortgage can still be carried out in an efficient fashion that you will be satisfied with in the end.

So what steps can you as the homebuyer take to help ensure a smooth closing? Here are a few things you can do:

▸ Execute a purchase contract that allows the lender enough time to meet your closing date (typically 30-45 days). Nothing is worse than missing a closing and lenders take the dates very seriously. If the lender does not have an adequate amount of time to consummate the transaction this can get things started out on the wrong foot from the very beginning.

▸ Work with an experienced mortgage professional of whom works for a reputable lending institution. This will only serve to facilitate a smooth purchase transaction for all parties involved (your real estate agent, the seller’s agent, the title company, etc.).

▸ After applying for a mortgage be sure to provide your mortgage banker with the documentation required for a pre-approval letter (i.e., pay stubs, W-2s, tax returns, photo ID, etc.) as quickly as possible. Doing so ensures that the lender has 95% of the necessary documentation prior to you writing an offer on a home. This also streamlines the process up-front and in turn makes the transaction on the back-end go much more smoothly.

▸ Work with a realtor whom you trust and who will facilitate the negotiations, time frames, and purchase items in a fashion that lead to a successful transaction and closing. Just like many other aspects in life there are mortgage companies that are better/worse than others (and of course realtors as well).

▸ Communicate, communicate, communicate. As with any business transaction communication is key in setting the appropriate expectations so that when hurdles arise they can be dealt with in a fashion that minimizes the bumps.

There are of course many other aspects involved with successfully closing a residential mortgage transaction. However, if you start by tackling the ones listed above you will be well on your way to a smooth closing on your new home.

Thanks for reading!

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