Closing on a home can take 90 days or longer depending on the circumstances of the transaction. Waiting for closing to occur can be an anxious time for buyers. They just want to finalize things so they can move in. Believe it or not, there are actually things buyers can and should do while they wait.
We have come up with a list of things divided into two categories: things that could impact closing and things that could impact moving. As you read the remainder of this post, keep in mind that Mortgage Maestro is here to help with any of your future mortgage needs. As a Colorado mortgage broker, we have access to a variety of products covering everything from VA home loans to mortgages for first-time buyers.
Things That Could Impact Closing
One of the things that makes buyers anxious during the waiting period is fear that something will scuttle the deal. A good way to overcome that fear is to address some of the things that could cause hiccups. Here’s what we recommend:
1. Arrange Insurance
Lenders require that homeowner’s insurance be in force on closing day. While you wait for closing, start shopping around for homeowners’ policies. Make sure you are quoting policies that meet your lender’s requirements.
2. Protect Your Credit
The time between mortgage approval and closing is not the time to take on new credit. It is a time to protect your credit at all costs. Any significant changes in your credit could actually scuttle the deal. Make sure that doesn’t happen.
3. Gather Your Documentation
You are going to need to bring certain documents to closing. Don’t wait until a couple of days before to start assembling them. You have a couple of months to work with; start gathering your documents now.
4. Schedule Your Walk-Through
Hopefully your real estate agent has advised you to do a final walk-through prior to closing. The earlier you can set that up with a seller, the better the chances of choosing a date and time that works for both of you.
Things That Could Impact Moving
Even with all there is to do in preparation for closing, you should have some time to start planning for the move. It goes without saying that the home is yours once you close, even if you can’t move right away. But doing a few key things while you wait should facilitate a more timely move. Here is what we recommend:
1. Arrange for Transportation
You’re going to have to transport your household goods to your new home one way or another. Whether you hire movers, rent a truck, or ask all your friends to help with their vehicles, start planning as early as possible.
2. Start the Purge
Moving almost always includes purging your home of unwanted items. The sooner you start the purge, the easier you will find packing. Waiting until the day before will only make things harder.
3. Pack in Stages
You can actually start packing as soon as your mortgage is approved. Pack in stages, beginning with things you don’t use that often. Packing in stages makes for a gradual process rather than trying to cram it all in a couple of days before the big move.
Waiting is often the hardest part of closing a house. But rather than sitting around and doing nothing but fearing the one thing that could scuttle the deal, get busy. There are plenty of things you can do to positively impact both closing and moving. We’ve given you enough to get started. If you need a trusted Colorado mortgage broker to work with to find and close on the home of your dreams, contact us here at Mortgage Maestro. Book your free consultation today.
