There are several stages to buying a home, and one of the last and most important ones is closing. Most home purchases come with a close of escrow date of between 18 and 30 days written into the purchase contract, and this is a period where it’s important to be diligent and responsive to keep the transaction moving.
At Altius Mortgage and our partners at Mortgage Ogden, we can help with all these areas. Our mortgage brokers have years of experience walking clients through this process and helping them lock in great mortgage rates. Here are three tips we commonly offer for a smooth, comfortable closing process.
The closing period will be one where you may receive several requests. These could be from the third-party underwriter, who may be asking for additional documentation or signatures for some part of your financial information. They could also be from the seller or even your mortgage broker.
Replaying too slowly to these requests can cause delays in the process – we all know how slow the world of finance can work at times. In some cases, this can cause the deal to fall out of escrow and create major headaches.
Locking in Your Rate
Mortgage rates are always in flux on the market, meaning that if you’ve found a great one, you want to get it locked in as soon as you can. Rate locks generally run 30 days or longer in some cases – once again, after you’ve done this, prompt responses and activity are important to ensure you don’t reach the expiry date of this rate lock. If this happens, you’ll have to re-qualify for a new rate, which can not only cause further delays, but might be a worse rate than you had before.
Today, it’s rare to see printing or faxing done much. Instead, transactions are handled digitally, with the use of software to keep things secure while still speedy. You should be using electronic signature software from the start here – if you don’t, work with your lender in advance to factor in the delays that come with paper mail or faxing.