Success for Closing on Your New Home
Closing on your new home should be an exciting day.
After all the effort that leads up to the occasion—looking for a home, shopping for mortgage rates, getting pre-approved for a loan, making an offer, maybe even dealing with the sale of your existing home—something somewhere about the process should be exciting, right?
At Galaxy Lending, our job is to help you from the moment you are considering buying a home all the way through closing to ensure it is a seamless experience.
Our goal is to take the stress out of the process. That is why we are sharing our insider tips and tricks to help make your next home purchase as exciting as buying a new home should be.
Rally the Troops
For a big life event like buying a home, you are going to need some reinforcements. And you want the best of the best. So, take the time to assemble a team of folks who will have your back.
You need a lender who will not only be able to assist you with the nuts and bolts of the process but who is also trustworthy and responsive. Ask for recommendations from your friends, family, colleagues, financial advisor, accountant, or attorney. While you may be choosing an institution to handle your financial matters, you are also selecting a person who will support you throughout the process.
Real estate agent
You probably know someone who is a real estate agent and may feel inclined to request their assistance in finding and purchasing your home. But don’t feel obligated. This is a big decision and you have every right to choose the person you feel will best represent your interests. Take the time to interview a handful of real estate agents, looking for those with successful track records of winning favorable offers for their buyers and finding the best home options in your desired market.
Real estate attorney
Some states require a real estate attorney to assist with the contracts, protect your rights and help resolve any issues that may arise with title insurance and environmental laws.
Home inspectors will do a careful walk-through of the property after you have made an offer but before the closing. Unlike appraisers, who are hired by your lender, you can choose any home inspector you wish. Do your research and ask for recommendations.
Get Pre-Approved for Your Home Loan
Hand-in-hand with finding a trusted lender is getting pre-approved on your home loan before you begin the home purchasing process. Not only will this save you a lot of time and hassle, but heartache, as well. The pre-approval process helps you determine how much of a home loan you qualify for, based on the payment you can afford. If you skip this step and jump right into making an offer on a home, you may wind up getting declined on the loan and will be back to square one.
Organize Your Documents
Throughout the process of purchasing a home, you will be asked to provide documentation of your earnings, taxes, bank accounts, and many other aspects of your financial life. It is best to have them in order from the beginning to avoid any delays. Oftentimes, your bank will supply you with a checklist of items they will need. Ask for the checklist right away so you can have everything at the ready when you need it.
Follow Up on the Home Inspection
Typically, a home inspection occurs after you have made your offer but before you close on your home. This gives you a chance to have a third party take a close look to ensure there are no underlying issues you are unaware of. If any issues arise, this is your chance to negotiate with the seller by either adjusting the price to accommodate for the repairs or having them take care of the repairs before closing.
A common reason for the delay in closing is home inspection issues not being addressed prior to closing day. From the moment you and the seller agree on your course of action, set a schedule and hold them accountable to it. Schedule a follow-up walk-through of the property before closing to ensure completion of the agreed-upon repairs.
It is easy to get your hopes up that your closing will be different than all the others. But since every real estate closing requires a lot of moving parts, there are many opportunities for delays. Manage your expectations by building in some wiggle room for setbacks—because they will most likely happen.
A successful home closing is possible with a little planning and patience. If you are thinking about hopping into a new home this spring, contact us at Galaxy Lending. Our knowledgeable team will help you from pre-approval to closing to ensure your home-buying experience is as exciting as it should be.