Getting to The Closing Table
A Video Walk-Through | The Complete Guide to Getting to The Closing Table
When the buyers home has appraised, the lender and your Agent communicate in the background to get us to the closing table on time. Below are a few topics that outline getting to The Closing Table successfully.
Can The Closing Date Change?
Depending on what's going on the buyers closing date could change. If something isn't sent to the Lender, Title Company or Insurance Provider then closing could be delayed. Additionally, if the lender requests documents, send them ASAP.
If the lender receives information and clear to close in a timely fashion, it is possible to speed up closing as long as all parties agree to changing the closing date (in writing).
For additional reasons for delay, checkout this "16 Factors That Can Delay Closing"
Where Do We Go For Closing?
Typically, you will close at your Title Company. The REALTOR coordinates a date/time between the Buyer & Title Company. As a buyer, you have the choice of Title Company that you would prefer to use; however, most agents have a recommendation.
Can I Buy Furniture or a New Car Before Closing?
No. If a buyer is contemplating making a large purchase it should be discussed with your lender in advance. Yes, even if the buyer is looking at buying new furniture for the new house.
Shopping and using credit affects things like:
- Debt to Income Ratio
- Credit Score
- Amount of Debt Currently held
The above items can drastically change your eligibility to process the loan successfully to closing. Just remember "Ask your lender before you buy!" It doesn't help to buy furniture if there's no house to put it in.
Summary
Preparation is key to a successful transaction. Follow this short check-list and you shouldn't have any issues getting to the closing table:
- Get Pre-Approved - specifically, from a qualified Lender
- Choose a REALTOR & sit-down for a Buyers Consultation - Someone you feel comfortable working with
- Turn in all requested documents
- stay on top of your email
- Maintain consistent communication with your agent & lender
- Don't make large purchases without consulting your lender
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