Closing on a Home: 10 Factors That Speed Up or Slow Down the Process
Tips for preventing delays when closing a home
Start inquiries on homeowners’ insurance early on. All lenders require a policy to be in force prior to funding a loan.
Double-check all documents created during the process. Taking a few extra moments to review for spelling errors, incorrect amounts, or missing pages will save you hours or even days of delay.
Do not make any major changes in your life, your finances, or your credit during the closing process. This could change your Debt to Income Ratio triggering a redo, delay, or rejection of your loan application.
Fulfill the request regarding all documents asked for by a realtor, lender, and all other parties. This sounds simple, but it is not common; in fact, realtors and lenders are pleasantly surprised when potential buyers are well-prepared.
8. The Type of Mortgage FHA loan9. Miscellaneous Contingencies10. Last-Minute Changes
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