Tips for Keeping Your Home Purchase on Track
Purchasing a home is an exciting and significant milestone, especially when it’s your first. However, home-buying can be complex and can involve pitfalls that can delay or derail the transaction’s closing. As a buyer, you have certain contractual obligations to fulfill, and there are other steps you can take to help make the closing occur on time.
Here is a short list of courses of action that are beneficial during the home purchase process:
- Put your finances in order — Ensure your credit score is correct, pay off outstanding debts and save money for a down payment and closing costs. In addition, obtaining pre-approval of a mortgage can increase your chances of securing the financing terms you need to acquire the property you want.
- Use a trustworthy home inspector — The home inspection determines whether the property you’re buying is free of serious structural and mechanical defects. Make sure the inspector you hire is properly licensed and is knowledgeable about local building codes and environmental regulations. Also make sure the inspection and report are done within the time specified by the contract. This allows time to negotiate for needed repairs or for credits on the purchase price.
- Be communicative — Maintain consistent contact with your real estate agent, mortgage lender and attorney throughout the process. Promptly respond to requests for information, provide the necessary documentation and address any concerns or questions.
- Be proactive — Familiarize yourself with the closing process, including the necessary steps, paperwork and deadlines. Make sure you know all the documents you’ll need to bring to the closing, including forms of identification and proof of homeowner’s insurance.
- Thoroughly review the mortgage loan disclosure — This document explains all of the details about the loan, including the interest rate, the amount and the related fees and closing costs. Make sure you have on hand the necessary funds to bring to the closing.
- Avoid changes in financial status — Prior to closing, do not change jobs, which can affect your income, or take on other major debt transactions, which can reduce your credit score and put your mortgage loan in jeopardy.
A successful home purchase requires careful planning and organization and reliable support. Working with an experienced real estate lawyer can help you keep your home purchase moving forward, avoid common pitfalls and bring the transaction to a timely close.
At the Paton law Firm LLC in Fairlawn, our New Jersey real estate attorneys can guide you through the home-buying process from contract through closing. Call us at 201-470-4801 or contact us online to learn more about our services at a free initial consultation.