If you’ve found the perfect home, chances are that you’d like to hurry up and get the closing over with so that you can move in and start making it your own. However, closings can and do drag on in some cases. While this is not always avoidable, the following tips can help you to close as early as possible and start enjoying your new home sooner.
Obviously, you’re probably not going to be closing a week after the purchase contract is signed, but you can take steps to move up the closing date. Try to set a closing date which is one or two weeks before the real deadlines spelled out in the contract (or by your lender in the case of rate locks or the like). If you wait until the end of the month to close, you’ll be dealing with lenders and title companies at the busiest time of the month, which means delays and mistakes are more likely.
As one of the conditions for almost any purchase of real estate, your attorney will need to take care of getting title insurance in place – this means a title search, report, and dealing with any potential issues. The earlier you get this process started, the earlier you’ll be able to close. Your lender will want a provisional title policy in place by the closing date, so don’t delay on this.
If you’re dealing with a lender, this may not ultimately be up to you; many banks and other mortgage lenders have their own affiliated appraisers. However, if this is not the case, do some research and hire an appraiser with a good reputation and extensive experience in the field. One thing which can derail a closing is an unexpectedly lower appraisal – mortgage lenders are traditionally reluctant to make loans for more than the appraisal amount, regardless of the actual value or purchase price of the home.
Shortly before the date of your closing, your lender will take another look at your financials. Any big recent purchases could spell trouble for your loan – for the sake of a speedy closing, hold off on big purchases until the keys are in your hand and a deed in your name has been recorded in the office of your local county clerk or register of deeds.