Top 10 Tips for a Smooth Closing on your New Home

10 tips to ensure a smooth closing: (on your new home):

house-keys-closing-mortgage

Be honest and upfront with the sales associate when writing your sales contractIf you have a lease, disclose when you have to be out of the lease.  If you have some work to be done on your credit (maybe short-sale or bankruptcy) or if you are in the military (base housing, deployment) etc.  This will help our team try to meet those critical dates as closely as possible.

As the buyer and sales associate are finalizing the contractshave the sales associate contact lender to do a credit analysis and send a pre-qualification letter.

Gathering up Necessary Documents- Buyer should begin to gather up documents that the lender will be requesting to expediteyour loan underwriting process.  These usually include documents such as current paystubs, tax returns, bank statements, etc. (These will usually be checked again just prior to closing)

 

Be Accurate In Your Loan Application – When your loan officer takes an initial application, it is very important to be as open and accurate as possible. If any information or figures are incorrect, they could be questioned by the underwriter later in the process. The more information your loan officer has to change or resubmit, the longer it will take to close your loan.

Respond Promptly To Requests For Additional Information – During the loan process, additional documentation may be required by the underwriter. Please know in advance that this is completely normal, and respond as promptly as possible to these requests. The quicker you can get needed documentation to your loan officer or processor, the quicker your loan can be underwritten and cleared for closing. Your cooperation is very helpful in making the process go smoother and is greatly appreciated!

Items Needed – On your first appointment with your loan officer, you will always need 1 month’s current paystubs, 2 month’s bank statements on all depository accounts and the last 2 year’s tax returns and W-2s. Also please bring a photo id and social security card. We will be happy to make copies for you.

Shop for Home Owners Insurance Make sure to finalize on the home owners insurance two weeks prior and have the insurance company send the binder to you and the lender. (this is especially important during storm season since most companies will not allow a new policy to be established when there is an active storm)

Communicate with your sales agent and your lender on a weekly basis, checking on loan status, any changes, etc.

Switching lendersIf Buyer decides to switch lenders for some reason please notify our closing coordinator at Adams Homes as soon as possible.  They can assist you in either resolving issues with current lender or transitioning to different lender.

During The Loan Process DO NOT-

  •  Quit your job, change employers or make any changes that affect your income
  •  Make any major purchases (furniture, vehicle, appliances, etc.)
  •  Establish any new debt or credit accounts or close any open accounts
  •  Be late on any payments
  •  Make large deposits (over $500) to any bank account that cannot be verified on paper (no cash deposits). All money involved with the transaction has to be accounted for, most lenders will require the deposits to be “seasoned” for about 60-days.

You can read more of our articles about home loans and financing here.  You may enjoy the 12 Mortgage Do’s and Don’ts  or 10 Questions to ask your lender.

{jcomments on}


Adams Homes is one of the largest privately-held new home builders in the southeast. Adams Homes has built more than 35,000 new homes since 1991 and builds in seven states including AlabamaFloridaGeorgiaMississippiNorth Carolina, South Carolina and Tennessee in more than 100 communities.

Discover all Adams Homes communities, model homes and homes for sale anytime on our website, https://www.adamshomes.com/. While you’re there, explore our mortgage calculator and obtain financing information.

 

3 thoughts on “Top 10 Tips for a Smooth Closing on your New Home

  1. This is some really good information about real estate and closing a deal. It is good to know that it would be smart avoid doing things like opening new credit accounts. That does seem like a good thing to do if you don’t want to ruin your chances of getting a home.

  2. I like how you said to communicate with your sales agent and your lender on a weekly basis, checking on loan status. We are about to close on our new house. Thanks for the tips on a smooth closing.

  3. I thought your tip on gathering all documents to give to the lender is a great way to make your closing go smoothly. I am thinking of buying a house in the near future. I will have to remember this tip so I won’t be looking around for missing paperwork at closing.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

This site uses Akismet to reduce spam. Learn how your comment data is processed.