There are many things that can slow down the process when buying a home. New financing regulations require notification of any changes to the amount financed, terms, etc. The inspection process can reveal unknown issues that require more time to resolve, and just dealing with everyone’s schedule to get documents signed can slow things down.
Check out this free report for suggestions to make your closing as simple as possible.
BUYING A HOME – 8 Steps to a Successful Closing
With the complications of the mortgage process, along with the longer sales contracts, detailed inspection process and figuring out how much money you need to have to close, buying a home can be a stressful time. With this report, you’ll get the inside scoop on making the process easier.
A few things to consider include, don’t buy anything after you apply for the loan. This includes new furniture, a new car!, or any other major purchases that may show up on a credit card, or drain money you need for the down payment on the house.
I recently worked with a couple who took all the right steps to buy a home. They were pre-approved for a loan, had their down payment, and submitted their supporting documents immediately after we had a home “under contract”. As first time buyers, they had no way to know that the mortgage loan officer failed to review one important part of their financial liabilities. They had a student loan that is deferred temporarily since one of them is still in school. However, the mortgage must take in to account the actual monthly payment that will be paid when the loan repayment becomes active. This added another $500 to their monthly debt, which disqualified them for the loan. Even though the lender is the expert, make sure to ask a lot of questions. Knowing that you have debt that will need to be repaid at a future date is something that needs to be brought to the attention of the loan officer… just to make sure. In this case, the buyers spent the cost of the appraisal, the home inspection and a credit report that could have been avoided.