Be prepared with these things

The home purchasing process involves many people and many steps and even if you have done it before there are some things that are important to pay close attention to. Here are four things to keep in mind so that you are well prepared and don’t have any unwanted surprises.

Mortgage Rate

Mortgage rates go up and down every week and the quote your lender gave you won’t remain current forever. While banks can “lock you in” for 45, 60 or another number of days so that you can get the best rate, once that time comes and passes then you may have to pay a higher rate depending on what they are at that time. Closing dates can get pushed out for various reasons so don’t forget to keep in mind when your rate lock expires. 

Loan Documents

Completing the loan application and preliminary paperwork isn’t where the process ends to get a mortgage. Lenders will still want to confirm your income, assets and employment all the way up to the closing. Make sure you avoid making larger purchases during this time period like a new vehicle or even opening up new credit card accounts. Any significant changes can affect your ability to have your mortgage approved.

Final Walk Through

Most contracts will identify a walk-through 24 hours before the closing date and it is always a good idea to do one. This is your chance to review the condition of the home and confirm that everything is the way it should be before you take ownership. It is always good to do this right before your closing, but after the sellers have moved out.

Closing Day

Not everyone meets every time at the closing. Sometimes you have a seller that may be located far away and may elect to have their attorney represent them instead. It is good to know this in case you have questions so you may need to plan ahead.

Pay close attention to all of the steps along the way and add the important dates in the contract to your calendar to stay on track. Make sure you hire experienced and professional people to work with from mortgage agents to inspectors to movers. A better team will help you have a more smooth transaction.