Posted on: 27 January 2017
It very likely came as big relief to have gotten this far in your quest for your dream home. The seller accepted your offer, your financing is in place, and now it's all over except for the closing. While it may be slightly perturbing to hear, there are still some potential hiccups on the way to the final meeting, and knowing about them ahead of time could help you to deal with them better. Read on to learn more about those last minute issues that could pop up and ruin your good mood right before closing.
Your great locked-in mortgage rate expire.
As you have already experienced, the home-buying process can be long and filled with drama, disappointments, and delays, which is why the lender usually allows applicants to "lock in" a nice, preferred rate that is good for a variety of time limits. It can be 60 days or 90 days, but if some unforeseen delay causes your mortgage rate guarantee to expire, you could be facing a problem.
What could possibly cause a delay of that long? It happens quite frequently: your home inspector finds that an addition to your new home was never built to code, and the lender refuses to approve a loan unless it is fixed or removed. You can imagine how long that could take. Financing can be an exacting endeavor, and even a tiny rise in the interest rate could change your approval. Keep in close contact with your lender and keep your eyes on the calendar during the final few weeks before your closing.
You are blissfully unaware that your credit is still under scrutiny.
Some home buyers are shocked to discover that the loan that they thought was a sure thing is now in jeopardy over a financial issue in your credit history, credit score, bank or savings account, etc. Until you have the keys to the house in your hand, don't request any increases in credit, new credit cards, take out any new loans, spend any large sums of money, etc. Your financial state is scrutinized up until the very last moment, so keep that in mind.
You assume that the home is completely ready for you.
If your purchase was contingent on certain items being repaired or replaced, you should not just take the owner at their word. Once you have signed the paperwork, there will be very little you can do, so take advantage of the final walk-through to thoroughly check that all major systems are operating as they should and that all repairs, etc. have been completed.
Your real estate agent will serve as an invaluable resource for you when it come to those last minute issues, so choose a good one and relax.
For more information, talk with a real estate agency near you, such as Premier Property Group III.Share