Your rate could change
Unfortunately, lenders are not able to lock mortgage rates in for an indefinite amount of time. And some closings take much longer than others. If your closing is one of the longer ones then your rate could be impacted by the wait.
Typically, banks will lock in the rate for no more than 60 days. Make sure you are staying on top of whatever tasks you have to keep the process moving along. Stay in constant contact with your lender.
Your loan could still be denied
Your lender has until the minute before your closing to cancel the deal. So, if you were pre-approved for a mortgage, but then quit your job and lease a car all before closing day there is a good chance that your loan could be denied.
It is important that homebuyers make little to no changes that could impact your credit and financial situation during this time.
You don’t own the house yet
Buyers are allowed a walk through of the house 24 hours before closing. If there is something that has been changed or something isn’t working that was working when you came through the house prior you have the ability to back out of the deal.
Buying a house is a big deal so make sure that you carefully check everything so there will be no surprises.
You may have some paperwork to do
While in most situations the seller is required to resolve issues such as title liens and similar things the homebuyers needs to make sure that this is happening. If you are the buyer you do not want to get stuck with a headache as soon as you receive the keys. And you certainly don’t want to take on any responsibility that should have been the sellers before they sold you the house.
Do your due diligence to make sure that the transition will be a smooth one with no surprises.
Closing is much easier than you think it’s going to be
The hard work comes before the closing day. Once closing day arrives it is often smooth sailing. It is not common for the buyer and seller to meet at closing anymore, and it can often be handled from multiple states. The money is often moved electronically eliminating the need to have cash or a check brought to the closing table.
Remember to stay on your toes until the closing is finished. There are many steps that happen in between an offer being accepted and the keys being handed over to the new owner. Make sure you are checking on the process each step of the way in order to keep things smooth on closing day.
