How to Close on a Home Quickly

Saturday, September 15, 2018

How to Close on a Home Quickly

Closing on your dream home can be one of the most stressful parts of the process. After all, if you’re looking for a new home, chances are you need to move — sooner, rather than later. In some cases, there’s even a timeline. So it can be nerve wracking to have to volley offers back and forth, unable to be completely certain that the house you want is the house you’ll end up with.

An experienced realtor can help make the process smoother and more efficient, so you can stress less. Here are a few other steps to help the closing process along:

Get a Pre-Approval Letter

Many homebuyers get pre-qualified and later qualified for a loan from a mortgage lender, but assume they’ll need to worry about approval after the closing. As we’ve discussed before, that’s not always the case. Sometimes the loans you qualify for and the loan for which you’re approved are very different, so it’s better to get the pre-approval letter early in order to have a better sense of your budget. It also helps the seller to feel more confident in your offer, seeing that the bank has always approved it. And the better the seller feels about your offer, the faster you’ll be able to close.

Check With the Lender

So the seller approved your offer. That’s a big relief, but it isn’t the same as closing. Next, you’ll need to go to the mortgage lender and turn that pre-approval into an approval. Go to the lender and tell them that the offer was accepted. Ask if they need any additional financial documents from you before approving the loan. It helps to have all of your financial documents organized and ready in case they do need it. If not, it’s a matter of the mortgage closing on the loan so you can close on your home.

Do What You Can

There are some parts of home closing that are simply out of your control. The time it takes the homeowner to accept your offer, the time it takes the bank to approve your loan, all of these elements are in someone else’s court and sitting around waiting for them will only make you more anxious. Instead, focus on what you can do to help the process along. Home inspections should be scheduled the first week the offer is accepted by the seller. Home appraisals take about 1-2 weeks, so order the appraisal as soon as possible. While you’re waiting on those things, you can take care of selling your own home or preparing for the big move.

Let Your Realtor Do What They Do Best

Closing on a home can be stressful, but that’s why you have a real estate agent. They’re ready and qualified to help, whether it’s negotiating with the seller to make sure you get the best deal, offer guidance about appraisal and mortgages, and finding ways to help speed up the closing so you can move into your new home as soon as possible. So don’t sweat. If you have any questions, just ask your expert College Station realtor.