3 Tips for a Successful Mortgage Closing

You finally found the home of your dreams.

It is excellent: the yard, the neighborhood, the size & space, the school district is on point, it has the perfect garden or maybe nothing at all. You were seeking for it until you found the perfect match; you have been pre-approved with a mortgage lender, and your offer has been accepted. The inspection and appraisal went smoothly and all that is left to do is the mortgage closing...

 

Buying a property is an important transaction and a successful one depending on a few vital things. Make sure that when is the time of your closing you are prepared to avoid any surprises and dissapoinments. Please read below and enjoy our top 3 tips for a successful mortgage closing.

1. Maintain or even better, IMPROVE your credit score (to read about how to improve your credit score click here)

Fannie Mae's Loan Quality Initiative will ask the lender to pull your credit once again right before closing the deal. Therefore, it is extremely important to maintain your credit rating throughout the entire mortgage process. Please do not apply for new credit because it can affect the whole process and can cause major problems at closing, for instance, if you acquire new credit the debt to income ratio may disqualify you from your already approved loan offer.


  2.   Do not change jobs!

Unless you are accepting a promotion with  the same company -who doesnt like a promotion accompanied by a sweet raise? We all do! But make sure you are still active with the employer the lending institution verified employment with (yes, they need to verify your employment directly with the company). Let me clarify, I am not saying that you are locked into your job, you can change jobs after the closing has been done and finalized with. *Get familiar with the request for verification of employment by clicking this link.

 
   3.   Be prepared for closing.

Make sure you follow all the lender's requirements and that you have submitted all needed paperwork. The last thing you want is to be missing documents at the table of closing (trust me, things can get overlooked until the last minute). You will be risking your locked-in rate and  may be subject to a change in interest rate. In other words, you will not be happy and it will be not the lender's fault. Please go through all the required paperwork before your scheduled closing date. Also, make sure you bring enough money to your closing, you will need to provide your full down payment, money for any points, insurance (if it is required) and closing costs. In order words, make sure you have a HUD-1_ Settlement_Statement document so your deal doesnt fall through. One last thing, find out what types of payments are accepted for your closing; you may need to do a cashier's check or maybe a personal check will be accepted (or maybe not!).

If you follow these successful mortgage closing tips, you will be very happy with a smooth transaction.Thank you for reading; if you have other tips we may have missed, we will be more than happy to hear them! Leave your comments below and remember to subscribe!

Omega Financial Services

OFSMortgage.com