Buying a new home can be as stressful as it is exciting. It helps to work with a Chicago loan broker who understands your anxiety and knows the ropes. However, the end goal needs to be addressed right from the start, and that goal is to have a smooth closing whether you are present or not. Here you can find some tips that can help you make it go as smoothly as possible.
Pre-Approval
It’s a good idea to pre-qualify for your loan to ensure that you can afford the house that you’re looking to purchase. This allows you to be realistic when you’re narrowing down house choices. More than that, you’ll learn about all of the documentation that you will need for closing. This helps to get the ball rolling so that you can do things on your own time rather than trying to get everything together the day before closing. Be sure to opt for an experienced mortgage broker who can help you with many of the complicated details that can be confusing to new homebuyers.
Request an Inspection
Unless you are a professional housing inspector, it’s a good idea to have a complete inspection done so that any issues can be addressed before closing. You may want more than just a code inspection, because there may be issues that don’t have to be revealed since they don’t have anything to do with building codes or laws regarding seller disclosure.
Once the inspection is done, negotiate the repairs with the owner. The idea is to have the repairs done without raising the cost of the house. Alternately, you can also leave the house as-is and ask for a price reduction.
Conduct a Title Search
A title search is a search that reveals the history of the deed to the property. It also reveals important items like liens and judgments against the house. In some case it might offer information concerning who the real owner is when people try to pose as an owner of a property that is not their own. This is an investigation that is best done by professionals.
Handle the Closing
You will need to have proof that you have the necessary closing costs if they are not being handled by the seller. There may be other documents that you need to bring to the closing as well. You have the right to review and even sign the final papers before the day of closing. This allows you to suggest any changes you need to make or deal with any issues, like repairs that have not been completed.
Even if you are going to be at the closing, it is a good idea to reach out to your Chicago loan broker a couple of days before the closing. This way you can deal with any missing documents, lender issues, or other problems that may need to be dealt with before closing. If everything is already taken care of, you may be able to sign the papers early and deal with all of the financial transactions or have them set to go before the actual closing date.
Finally, don’t forget to plan a celebration, as you get ready to move into your new home! Contact A and N Mortgage today to learn more about buying your dream home.
