With the help of the OVM Financial Blog, we’re wrapping up our in-depth guide to help first-time home buyers (and home buyers in general) lay the groundwork to purchase their ideal home. We’ve recommended allowing as much as a full year to get in an optimal position so that credit history, financial standing and market research can really pay off. You can read the entire series by visiting the Finance Friday section here at Welcome To Sanford.
The last step in advance planning comes with the actual purchase closing. Here are some important things to consider.
- Get the documents your mortgage lender will need, assembled well in advance. In an active real estate market like the one we’re currently in, quick responses can make the difference between getting that dream home, or missing the opportunity. If you’re prepared with the right documentation, you have better odds of getting an accurate pre-approval, quicker underwriting and an on-time closing.
- Avoid doing things that could put your credit profile and home purchase in jeopardy. This previous article details the key things that will weaken your financial standing, such as changing jobs, applying for credit and paying off loans.
- Understand how to make financial transactions at closing. If you’re making a downpayment, make sure you know the specific requirements. In most cases, buyers need to pay with certified checks or by wiring funds to specific accounts. If you’re providing an earnest money deposit or due diligence money, make sure you’re not impacting your mortgage loan by your method of payment.
The Team Move/OVM Financial Team in Sanford is always happy to answer questions and help home buyers navigate their way through the mortgage lending and home buying process. Please feel free to contact them at 919-777-0114.