Home loan closing is an exciting time for home buyers. After a long search for a mortgage lender and negotiations with the seller, you finally had your offer accepted. Congratulations! But don’t pop the champagne just yet…
Are Closing Delays Common?
Some people will experience delays when closing their mortgage. But it’s not all doom and gloom — according to this report, most contracts settle on time, and only a tiny percentage end up terminated. So, even if you hit a few bumps along the way, you’re still likely to reach the finish line. It might just take some time, patience, and partnering with a knowledgeable mortgage company in Quincy, Illinois to complete the transaction.
The home buying process involves multiple moving parts. It makes closing a nerve-racking phase because, even if a single piece falls out, you could move farther away from getting the home you want. Without further ado, this mortgage company in Quincy, Illinois is going to explain the things you should avoid when closing your mortgage loan.
How to Prevent Home Closing Issues?
While you can’t avert every issue altogether, you can always be prepared and put your best foot forward, which will reduce the likelihood of running into issues during closing. So, it’s important to understand some of the obstacles that can slow you down when closing on your home loan:
- If you plan on changing or quitting your job, hold off until after closing so that it doesn’t affect your home loan eligibility.
- Changing banks delays or impedes your closing because underwriters need bank records to approve your loan.
- Always be mindful of your budget and avoid purchasing high-end items that may add to your debt.
- Mortgage companies in Quincy, Illinois are also required to investigate any significant deposits. If that’s the case, you might be required to provide a written explanation, which further delays the closing.
- Avoid opening or closing credit lines, as it generates complex investigations on your report or surges credit utilization.
- Truthfully answer all requests or questions from your loan processor to accelerate the closing process.
- Be extra cautious to avoid any late payments before closing, as it can negatively impact your approval.
- Don’t sign or cosign an additional loan that could affect your debt-to-income ratio.
- Deny advance payments, as it can modify your payment schedule and deter loan approvals.
- There’s no problem with a cash gift, provided the donor confirms it in writing, it isn’t a disguised loan, and you document it transparently.
- Critical document errors recognized before closing can push the schedule behind. So, go through everything in advance to avoid interfering with the timeline.
- Incorrectly filling your mortgage paperwork can also present a significant obstacle to closing on your mortgage.
A small percentage of transactions may fall through, but the majority are successful. As long as you partner with the right mortgage company in Quincy, and you know what to expect from the process, you shouldn’t lose any sleep during the home loan closing.
Are You Looking for a Trusted Mortgage Company in Quincy, Illinois?
The home loan closing process is sometimes delayed, and a lot can happen along the way. It’s important to be financially, emotionally, and intellectually prepared to work through any hiccups along the way.
If you are looking for the premier mortgage company in Quincy, Illinois, you can count on Compass Mortgage to review your case and help you sail through the process without any stress. Contact us today at 833-638-7836 or fill out this form to get in touch with our mortgage professionals.