Homebuyer Series: “I want to buy a home in a year or less” The last steps to be ready for closing

Steps to be ready for your purchase closing up-front
Steps to be ready for your purchase closing up-front

Steps to be ready for your purchase closing

Over the last 6 articles, we have been providing a roadmap to get buyers through the roadblocks to homeownership.  Today let’s finish up with the last steps to be ready for a purchase closing.  Everything up to this point has been what to do very early in the purchase process.  We discussed establishing credit for great rates and approval, down payment tips, following a budget to afford a home, how best to pay rent, understanding how the right realtor can help you find the right home, and knowing the mortgage loan options available.  Today, let’s finish with…

The Steps To Be Ready For a Purchase Closing:

  1. Have your documentation in order for your mortgage lender up-front even before you apply for a mortgage.  By providing the documentation up-front, it will help you close on-time, get an accurate pre-approval, get quicker underwriting approval, and then gives you more confidence in your home purchase.  Learn the common items that could be required for processing your mortgage loan.  I would even suggest for you to start your own mortgage file with this list at the front so you can get everything together and then just keep updating it as new documentation is available.
  2. Don’t do things that will sabotage your purchase closing such as quit or change jobs.  Basically it is important to be very boring and keep the status quo while buying a home.  Read the Top 10 Huge “What Not To Do When Buying a Home” Tips now.  If you can know these pitfalls now, they won’t kill your mortgage later!
  3. A purchase and mortgage have so many steps and moving parts, that it can be easy for a buyer to become overwhelmed if not prepared.  So we have created a Checklist to be Ready for Closing Before Closing which includes some items most do not think about.  So don’t be surprised and read our 10 Important Steps to be Ready for Closing now
  4. Understand the rules for bringing down payment to closing.  Many buyers think that a personal check or cash is ok to bring to a mortgage closing and most of the time, that is not true.  Almost every time a buyer needs to either wire the funds or provide a certified funds check to the closing attorney or settlement company.  Learn more about the requirements for providing funds at closing here
  5. Provide the earnest money deposit or due diligence funds in a way that will not cause a problem with your mortgage loan.  The biggest thing to remember is DO NOT pay deposits in cash.  Click here to learn How to Document Earnest Money funds on a Purchase

We hope that our 7 step process to become a homeowner was very helpful.  We encourage you to talk to one of our expert loan officers in order to start your home purchase.  Even if a purchase is 6 – 12 months away, let’s start planning now.  Also follow our blog for future FAQ’s, Tips for realtors and buyers, and mortgage program details at http://teammovemortgage.com

Read the other articles in the Homebuyer Series – “I want to buy a home in a year or less!”:

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Take the first step now to “Get from here to HOME”

Team Move Mortgage lends in the following areas.

Wilmington, Leland, Hampstead, Jacksonville, Camp Lejeune, Whiteville, Shallotte, Southport, Elizabethtown, Lumberton, Fort Bragg, Pope Air Force Base, Fayetteville, Rockingham, Raleigh, Garner, Smithfield, Clayton, Goldsboro, Charlotte, Greensboro, Winston-Salem, Durham, Chapel Hill, Burgaw, Castle Hayne, Holden Beach, Supply, Ocean Isle Beach, Sunset Beach, Hubert, Tabor City, Carolina Beach, Kure Beach, Laurinburg, Topsail Beach, North Topsail Beach, Surf City, Sneads Ferry, Richlands, Wrightsville Beach, New Bern, Oak Island, Saint James, Wallace, Sanford, Pittsboro, Apex, Cary, Raleigh, Holly Springs, Fuquay Varina, Siler City, Southern Pines, Aberdeen, Pinehurst, Whispering Pines, Vass, Spring Lake, Fayetteville, Lillington, Hope Mills, Dunn, Angier, Smithfield, as well as the rest of NC.  North Myrtle Beach, Myrtle Beach, Conway, Loris, Little River, Longs, as well as the rest of South Carolina and Virginia.

Written By: Russell Smith