The Mortgage process can be a long and complicated process, so we wanted to help by reaching out to our preferred lenders at Homeside Financial for a few tips on navigating the process. Their advice? Don’t screw it up at the last minute!
Your boxes are packed, the movers are scheduled, and the kids are going crazy with all their toys packed away. The last thing you want to do is cause a delay or issue with your closing. Here are some dos and don’ts prior to closing to help you move into your new home.
Do: Check your email and phone regularly. Occasionally Underwriters will have a last minute question or need an updated document. Missing these requests could delay getting a clear to close and thus your closing.
Don’t: Go out and buy new furniture or appliances on your existing credit cards. Worst yet don’t open up new credit cards. Your lender is going to check your credit one last time before closing, if they see you opened a new credit card or significantly increased your credit card balances they may have to send your file back to Underwriting to make sure you still qualify.
Do: Check with your lender before getting a cashier’s check for closing. You want to make sure the amount and who the check is made out to are correct. If you are crunched for time and need to get the check before you have the final numbers get a check for more than you need, the closing attorney can always write you a check for the excess balance.
Don’t: Forget to bring your personal check book and drivers license to the closing. If for any reason the cashiers check you bring to closing isn’t enough most Attorney’s will accept a personal check for up to a few hundred dollars.
Do: Make sure you and your spouse will both be at closing. In North Carolina even if your spouse isn’t on the loan they will have to sign a few forms at closing. If for any reason either or both of you won’t be able to be at closing let your lender know a few weeks before closing so a Power of Attorney can be created for you.
Do: Remember in North Carolina it is one to buy two to sell. If you are divorced but your spouses name is on the deed/title then they must sign the seller closing documents.
Don’t: Let stress ruin this exciting time in your life. Closing should be a celebration; the loan process can be stressful but always keep in mind it will be worth it in the end!
If you are considering buying, the best first step is to get pre-approved by a lender. Visit Homeside Financial to get pre-approved today.