5 Tips for Easy Closing on a Home
Young woman is signing financial contract with male realtor. Close-up.

5 Tips for Easy Closing on a Home

Buying a house can be a long, tedious process- from finding the ideal home to securing the right price- it’s an emotional journey. And sometimes, you need to move out by a specific date, start a new job in a new location, or are just excited about finally buying your dream home and want to move in as quickly as possible. In all these scenarios, the last thing you want to endure is a home closing that resembles a rollercoaster ride. To help you speed up the process, keep reading to learn more about closing on a home smoothly. 

Key Takeaways:

  • How fast can you close on a home?
  • Tips for easy closing on a home

How Fast Can You Close on a Home?

The national average for closing on a home is 49 days. However, some buyers close on a home in 30 days or less (for this, you’ll need to have a very straightforward mortgage application and no complications with the sale). Moreover, with an experienced real estate agent and a solid documentation package, some buyers can close in as fast as two weeks. Even so, if you’re paying cash for the new home (instead of going through the mortgage process), you’ll typically close faster.

However, even if you’re paying cash, it’ll take a couple of weeks to close on a home. That’s because you’ll still need a title search, a home inspection, an escrow account, and a transfer of deed. You may also need a home appraisal to know your new home’s value. 

Nonetheless, whether you’re paying cash or securing a mortgage to finance your home purchase, there are ways to shave a few days or weeks off your real estate transaction. Keep reading to learn more about easy closing on a home.

5 Tips for Easy Closing on a Home

Here are a few tips to close your home easily: 

  1. Have Your Paperwork Ready

It’s no secret- real estate transactions, especially mortgage lenders require paperwork. So, when buying a home, you should be prepared with the most commonly required verification documents. Typically, common paperwork will include W-2 statements, your last two bank statements, federal tax returns from the last two years, and your two most recent pay stubs. Also, ensure that you have a copy of your driver’s license and the Social Security numbers of everyone whose name will be listed on the mortgage. Moreover, if you know you have a unique credit situation like a recent foreclosure or short sale, alimony or child support payments, or gift funds from relatives, have the relevant documents ready.

This “having paperwork ready” step can be time-consuming in the mortgage process. So, you can scan them somewhere and have them in advance. That can shave days off your approval time and help reach your closing more quickly and swiftly. 

  1. Be Honest with the Lender

You should be open and honest with your lender, even if you worry that you may harm your approval chances. That’s because withholding information from your mortgage application can constitute mortgage fraud which is a far worse outcome than not getting your home mortgage approved. Also, your mortgage lender will generally uncover what you’re trying to hide anyway. They’ll perform a credit check which lists your creditors, debts, and judgments, conduct an occupancy test to determine whether you live where you say you do, and an employment check to verify your job status and income. 

Should the underwriter uncover inconsistencies between your application and the supplemental information gathered, they’ll ask you to clarify the discrepancy in details, which may result in mortgage delays or worse, denial. So, ensure that you share everything with the lender to speed up your home closing process. 

  1. Get Preapproved

According to the NAR, financing issues account for over 37% of delays on the closing table. To avoid these financing delays, you should go beyond the pre-qualification process (pre-qualification doesn’t bear much weight when it comes to mortgage approval). Instead, you should find a lender who’ll do as much underwriting as possible upfront so you can stand out from your competition. Moreover, you can speed up closing if you can find a lender who’ll underwrite your finances before you even bid on a home and come in with a strong preapproval. 

  1. Pay Cash If You Can

As the buyer, one of the most surefire ways to expedite closing is to pay cash. No mortgage means you’re not waiting for the lender to finalize all the underwriting paperwork or an appraisal. Cash may also be the advantage your offer needs to become attractive to the seller, so, don’t hesitate to offer it if you’re able to. 

  1. Work with a Skilled Real Estate Agent

As mentioned earlier, a real estate transaction involves a lot of paperwork, some of which may be unfamiliar, especially if you’re a first-time homebuyer. A skilled real estate agent can ensure that you complete your paperwork on time- you don’t miss the deadlines-, that everything you fill out is correct, and that you address any outstanding issues as quickly as possible. Moreover, the agent will guide you through the process to make it smooth and easy. 

Close on Your Home and Move In!

Everyone wants to have a quick and smooth closing on a home. To achieve that, you’ll need the expertise of an experienced real estate agent. Our real estate agents are skilled and experienced in the homebuying process and they’ll guide you through. We’ll help you find an ideal home for you and your family, negotiate on your behalf to ensure you get the most out of the deal, and speed up your closing so you can move into your dream home as quickly as possible. Call us today, and let’s get started on your homeownership journey!

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