When a seller accepts an offer from a buyer, the process of obtaining the property has just begun. The buyer now has to conduct an inspection, get approval from an attorney and obtain a mortgage – all of which can be time consuming. Here are a few ways that you can speed up the mortgage process and close the deal sooner.
Make Sure That You Have Money For Closing Costs
Do you have the money needed for a down payment and to pay other closing and prepaid costs? If not, you won’t be able to close until you find the funds to pay those costs – and this could delay the closing on your home indefinitely. Before you arrange the mortgage, make sure you have enough cash on hand to pay closing costs.
Get Conditional Approval Before Making The Offer
If you have not been conditionally approved for a loan before making an offer, you can’t be sure that a lender will give you a loan for the amount of the purchase price. In addition, starting the process from scratch could push back the closing timeline. Having your mortgage conditionally approved means the mortgage process is already underway when you make your offer, which saves you time.
Have Your Documents Together
Get your bank statements, pay stubs and other documents together before the seller accepts your offer. Having everything that the lender needs right away decreases the time needed for a lender to assess your application before extending the loan.
Work With An Experienced Mortgage Lender
Your mortgage lender may be able to move everything along by staying on top of the loan approval process. By ensuring that documents are being processed in a timely manner, an experienced lender can reduce the closing time from months to weeks.
Create A Timeline For Repairs The Seller Is Obligated To Make
It is not uncommon for a seller to be obligated to fix certain issues with the house before the new owner takes possession. However, it is important to put these repairs the contract along with a mandatory completion date. Otherwise, the seller could drag his feet with no contractual obligation to finish any repairs before he sees fit to do so.
Closing on a home loan can take anywhere from 30 to 120 days depending on work that needs to be done on the home and how well prepared a buyer is. Contacting and working closely with your mortgage lender or broker can result in a speedy and painless close. Contact an experienced mortgage professional today for more information about closing a mortgage.
While there are differing schools of thought when it comes to whether or not a person should pay off a mortgage before the loan term ends, there may be some benefits to making payments on a bi-weekly basis as opposed to monthly basis. What are some of the reasons why it may be beneficial to make two payments a month instead of one? Here are three reasons why you should ditch the monthly fees and make payments once every two weeks.
If you’re in the market for your first mortgage, the Federal Housing Administration may be able to help you. Thanks to the FHA home loan program, you can apply for loan approval before you’ve found a home that you want to buy – which means you know what you can afford before you start your house hunt. Here’s what you need to know about FHA home loans and how they can help you find the perfect house.
When your children are about to step out into the world on their own, you want to help them on their way. This especially holds true when it comes to buying a house. As your sons or daughters prepare to take the plunge into home ownership, make sure they follow three crucial tips that will help them during the mortgage process.
Before approving a mortgage, your lender is going to have to do his due diligence to ensure that you can afford a loan large enough to pay for a house. That means your lender will be asking you several questions about whether or not you can afford a mortgage.
Refinancing your existing mortgage may provide you with the opportunity to lower your interest rate, reduce your mortgage payment and adjust your loan term. For those homeowners who have lived in their home for more than a few years, pulling equity out of the property for everything from a luxurious vacation to making home improvements is a tempting potential benefit.
During the course of a marriage, it is common for the couple to acquire property together. This is what is referred to as joint or community property.
As if homeowners who are facing foreclosure don’t have enough to worry about, a multitude of loan modification scam artists have invaded the internet, public files and even foreclosure notices in newspapers in hopes of targeting their next victim. By identifying the top three modification scams and learning how to avoid them, at-risk homeowners can protect themselves (and their homes).
Few people in the world can afford to pay the entire cost of a new home upfront, which is why banks and other financial institutions offer home loans. Also known as mortgages, those loans let you make monthly payments to pay off the money you borrow and the interest charged on that loan. If you can’t get approved for a mortgage, try using a few easy tips.
With interest rates remaining near historic lows for the past several years, many of your friends and neighbors may have already told you that they have refinanced their home mortgages once or even a couple of times. A cash-out refinance can provide you with several important benefits, but it is not the best option for all homeowners. By learning more about what a cash-out refinance is and what the pros and cons of this type of refinance loan are, you can make a decision that is best for your current and future plans.