5 Things Homebuyers Should Know While Waiting for Closing Day
Is your closing date coming up? Now is a good time to ensure you have the following five items in order prior to closing:
Be Aware of Your Mortgage Rate Expiration Date
It’s important for you to know that your mortgage rate isn’t set in stone. Your initial “lock-in” rate can change at any time. Once your rate expires, the cost of your mortgage rate will increase so it is a good idea to review the expiration date prior to closing.
Make Smart Financial Decisions
Once you’ve signed your paperwork, it’s time to be smart about your expenses while your mortgage rate is being finalized. Lenders may wait until the very last minute to verify your recent credit and spending history. Try not to apply for anything that involves credit checks such as credit cards, vehicles, furniture, etc.
24-Hour Walk-through Window
During the closing stage, you should always prepare a 24-hour window to do a last minute inspection of the property. This may be your last opportunity to check for any necessary repair work or to make sure the property is ready for you to move in.
Double-Check All Legal Paperwork
Make sure that all of your paperwork has been reviewed and signed. During this stage, it should be a smooth and easy transition.
Do your research and get as much information on the things you should avoid that may cause unpleasant surprises. Check for any last minute items that should be made. Look out for any issues or red flags that may occur. Consult your mortgage professional or real estate agent if you have any unanswered questions.