The Mendosa Balboni Team knows that the day of your closing for some is formal and filled with many pages of documents to review and sign. For others, it is just a process to go through as you progress to ownership. However you view it, here are some helpful things to consider as you go through the day.
The mortgage process
Some buyers may think that after they have finished the prequalification process then they are all set. However, this is not the case. Mortgage lenders will still want to verify your income, assets and employment all the way up to the last minute before closing. It is strongly suggested that you not make any significant purchases during this time period like a new car, furniture or the like. Sometimes these purchases can affect your ability to have your loan approved which you won’t want to jeopardize.
Mortgage rates range daily and the rate quote your lender originally gives you will not remain forever. Banks will “lock you in” for 45, 60 or a similar set number of days. However, once that time frame expires, you may have to pay a higher rate. Closing dates sometimes get pushed out during negotiations so don’t forget to bear in mind when your rate lock expires.
The final walk through
Most agreements stipulate a walk-through 24 hours before the closing date and it is a good idea to take advantage of this. Inspect the overall condition of the home, be sure all of the seller’s items are removed and everything is in good working order before you assume ownership.
In some areas the closing happens in parts and the two parties do not meet. In others the buyer, seller and attorneys all gather at once and all of the paperwork gets signed and monies get passed.
How else could you prepare?
The the most valuable advice is to pay close attention to all of the steps involved and be on high alert for any red flags. Be sure to hire the right people to help like a credible mortgage agent, home inspection company and attorney. The better your team is prepared, the smoother the sale is going to be.