Close Your Mortgage on Time with These Suggestions

Many factors can delay the closing of your mortgage. But don't worry, in this post by Advanced Title Company in Grand Junction there'll be several tips listed to help you handle and speed up your mortgage's closing. 

If you need professional assistance regarding title insurance, know you can rely on Advanced Title Company to guide you towards a successful house purchase. Contact (970) 255-7677 for more information about title insurance in Grand Junction. 

Always Follow What's Stated in the Contract

Don't panic if this subject stresses you out. Expecting the closing date sparks these kinds of feelings, but there's no point in stressing out, or rushing into things because the seller is bound to complete the closing as previously stated. As the buyer, you are obliged to reach the closing in the time as declared in the purchase-sale contract. Sit down and have a chat with your loan counselors to let them know you are familiar with the application while you are in the mortgage process and make sure they are informed of your expectations about them and the loan company.

Minimal Details Can Delay Your Application

Without your confirmation, the loan application can't proceed. In this scenario, your lender won't be able to help you and your application could even get canceled. Always confirm your intentions on time to proceed with the application as soon as possible so the lender can present new documents with the mortgage information. This step doesn't take much time or effort and can be done in person or digitally.

Ensure the Interest Rate On Time

Waiting for the best deal won't do you any favors. If you pause this step because you want to wait for a better interest rate to show up you could jeopardize your chances; imagine that suddenly the interest rate increases more than .125%, this will oblige your lender to send you a new statement of terms, prolonging the entire process.

Complete Every Inquiry Stated in the Sales Contract at the Earliest Opportunity

This will give more time to renegotiate the terms of the contract if you need to. Though each change in the agreement must be reviewed and approved by your lender and seldom, by other authorities like the appraiser or the title firm.

Verify If Your Credit Is in Good Terms

Check your credit and resolve any problems that require your consideration before beginning the mortgage process; even better if you do it once the credit has been applied to solve any conflict that could delay the process. Also, don't be afraid to ask for help and clear your doubts during the process. Having letters of explanation when applying for a loan; though, these letters can pause your process if the explanations need extra documentation. If you have moved multiple times in recent years or changed jobs often, your lender might demand a letter explaining your situation in detail.

Your lender will require title insurance to protect their loan, and buyers should take it out, too. Find out how title insurance in Grand Junction can provide you with peace of mind by calling Advanced Title Company at (970) 255-7677.

Don't Use Your Credit Irresponsibly after Applying for a Loan

Declare any credit that you are expected to receive from the seller at closing once you've applied for the loan. This will give your lender enough time to review and approve it. Also, don't drown yourself, stop using your credit cards or apply for new loans. Lenders have access to your credit and can monitor it throughout your application and if this were to change, you would have to double-check it; and as it happens in some cases, additional documentation might be required.

Deliver the Required Documents to Your Title Company on Time

This is key if you want to avoid setbacks at closing time. Don't forget to validate and approve all the people listed on the property, and clarify all the logistical details of where the closure will take place; which means, you have to decide if you'll attend the closing or search for a proxy to represent you.

Lastly,

Effective communication and interactions with your lender in the days before closing are key to make sure there is no spur of the moment variations in the terms of the mortgage. This way, no changes will have to be made when you get to review the final documentation three days before closing.

Don't Forget to Include Title Insurance in Grand Junction

Getting title insurance is the smartest investment you can do when buying property. With title insurance in Grand Junction, you can be sure your rights to ownership will be protected for as long as the house is in your name. To learn more about what title insurance can do for you, contact the title insurance experts at Advanced Title Company at (970) 255-7677.