Tips on the Home Closing Process
Ways to Help Your Mortgage Broker
Ensure the Success of Your Mortgage Broker to Ensure the Success of Your Closing
While I don't want to put the brakes on all the fun you may be having searching for a new home, I do want you to take a breather for a second and consider the part of the home-buying process that, might seem somewhat tedious and overwhelming. This part of the home-buying process I'm referring to is of course, the financial elements. (Cue: collective sigh)
Numbers, paperwork, and financial buzzwords like interest, taxes, and insurance may make you a bit uncomfortable, particularly if you are not readily familiar with them. Even so, when you put your trust in an experienced mortgage broker, this part of the home-buying process can seem more like a walk in the park than crawling through the dark.
Working in tandem with your mortgage broker does require your time and attention, but with a proven and solid mortgage broker, it doesn't have to be the nightmare you think it will be, especially if you stick to the game plan:
Four Ways to Help Your Mortgage Lender and Close on Your New Home
- Call your mortgage broker immediately. Their job is not to simply find you a loan but also to guide you through the home-buying process.
- Familiarize yourself with the rules related to the down payments. Your mortgage broker can determine the best - and legal! - way to make that down payment. For example, if you are using gift money to make that payment, you have to make sure everything is thoroughly documented. Keep everything well-documented and above board to avoid any issues.
- Remember that your mortgage broker is on YOUR team, so keep in constant communication with them. Share any and all documentation and keep them aware of any credit problems you might have. While they are there to help you, you can help them by having all of your necessary papers in order and ready.
- Stay the course. This is not the time to do something outside of the ordinary. In other words, avoid any new major purchases or any large expenses. That new furniture, a new car or any other lofty purchases can - and should - wait until after you close on your home. You don't want to put your loan at risk. Even if you are offered a new job, work to put that off until after you close. Even though it may be tempting to go off the rails for something like this, keep your focus on the road ahead. There will be a time and a place to incorporate these changes into your life after you move into your home! Avoid sudden changes in your financial life to avoid potentially pushing back your closing date. This is when patience truly is a virtue.
Five Initial Steps to Purchasing a Home
Save Your Down Payment
Many people believe you need a 20% down payment to buy a home. There are loans available that allow buyers to put down as little as 3% to 0% with a VA or USDA loan.
Know Your Credit Score
Your credit score is a numeric representation of your history & ability to pay back debts in the past. Different home loans have different credit requirements. Knowing your credit score allows you to determine what loans you could potentially qualify for.
Reach Out to Your Realtor Ⓡ
Once you have a handle on your credit score & down payment savings, now is the time to reach out to your Realtor Ⓡ. If you do not already have a Realtor Ⓡ, make sure to give me a call! I would be happy to be a resource for you throughout the home-buying process, and I can help you get in touch with some of the best local mortgage lenders.
I have a list of lenders that can work with you to get pre-approved for your mortgage. This will help keep you on budget during the next step!
Make a list of what you want vs. what you need in your new home. We will use this list to find homes for you to tour.
Contact Me If You Have Any Questions About the Home-Buying Process!
If you have any questions about finding an experienced mortgage broker, or any other step of the home-buying process, make sure to reach out to me today! I’ve worked with buyers purchasing homes for them and their families, as well as investment properties, and I can refer you to the best local mortgage brokers here in the North Atlanta area. Contact me today by calling me at (404) 576-8515, or by filling out the contact form below!