5 Ways to Ensure a Smooth Closing
Buying a house is a thrilling experience! But before you can cross the threshold, you have to get through the closing...which, unfortunately, can be a confusing and stressful process for many.
While every homebuyer’s situation is different, there are some steps everyone can take to make sure the closing goes as smoothly as possible:
Have cash available. Make sure you have extra cash that is easily accessible well ahead of the closing. You will need the cash to pay some of the closing costs, and be sure to build in a 10 percent buffer for final costs that come in higher than estimates.
Have all your documentation ready to go. Ask your lender and real estate agent to provide you with a list of every piece of documentation you will need for the closing. Make sure it is complete and gathered ahead of closing day, so that you have time to double check and troubleshoot as needed.
Preserve your credit score. Keep in mind that your loan approval was based on your credit score at the time you signed the purchase agreement for your home. If you’ve taken out any new loans or debt since then, such as a credit card or car loan, this could affect your credit score and jeopardize the home loan. Wait to make any large purchases until after the closing, and make sure you’re paying everything on time.
Keep your employment steady. Don’t change jobs or decide to quit and start your own business prior to closing. Keep your employment record and income steady.
Settle the inspection. Review the inspection and make sure you are satisfied with the results. If there are any issues that need to be addressed, decide how they are going to be handled - by you or the seller? It’s critical that all decisions regarding the inspection are made before closing - you may have no further recourse afterwards.