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3 Tips for Closing on Your Home More Quickly
Posted by Christine Owens on June 21, 2017

3 Tips for Closing on Your Home More Quickly

 

houseOnce you have found the home of your dreams, the last thing you want to do is wait and wait to actually close on your loan so you can move in.  Closing on a home loan does not have to take months of endless waiting.  Many home buyers do not realize that they play an incredibly important role in how fast their home loan closes.  Common mistakes can cause major delays.  If you are in the process of buying a new home, do these 3 things to close on your home more quickly so you can move in and start enjoying your home as soon as possible.

3 Tips for Closing on Your Home More Quickly

  1. Don’t Try to Hide Anything
    • If you have bad credit, have had a foreclosure, or have defaulted on a loan before, do not try to hide it. Your lender will absolutely run a credit check on you and any past mistakes or problems in your credit history will be found.  And, a past mistake or previous credit problem will not necessarily prevent you from getting a loan.  But, it will slow things down if you try to hide it. If you are up front with your lender about your financial and credit history, they will be able to better work with you based on a clear and full picture rather than wasting time and slowing down the process of closing on your loan.
  2. Get Your Documents Together ASAP
    • Your lender is going to need bank statements, documentation of all assets, pay stubs for at least the last 2 months, a copy of your driver’s license, tax documents, and more. The sooner you have everything together, the better.  If you can hand everything to your lender the moment they ask for it, your loan is likely to close more quickly than if they have to wait days or weeks to get the information they need.
  3. Hold Off On Major Financial Changes
    • While you are in the process of acquiring a home loan and closing on a new home, do not make any major financial changes. Do not open a new credit card, do not close an old credit card, do not open a new bank account, do not make a large cash transfer, do not make a huge purchase, etc.  Any of those things could set off a red flag for your mortgage lender and slow down the process of acquiring your loan.  Maintain the status quo or discuss any financial changes with your lender before making them to ensure that it will not impact the speed of closing on your home loan.
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