Closing on a House? These 10 Factors Will Speed — or Slow — The Process

buy yourself a homereal estate agents, loan approvalYawar Charlie

Closing on a Home: 10 Factors That Speed Up or Slow Down the Process

1 Cash or Pre-approval Expert Insurance Reviews2. The Appraisal3. The Inspection4. Insurance5. The Title SearchLegal Advice6. Errors and Discrepancies7. A Good Faith Estimate

• 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.

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8. The Type of Mortgage FHA loan9. Miscellaneous Contingencies10. Last-Minute Changes

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