Prime Edmonton Real Estate - You are all excited as today is the day scheduled for you to move to your new house. The moving van is completely loaded with all your household stuff and you officially own the home of your dreams. As soon as all the loading is done and you're about leave, your phone rings. It's your mortgage lender and he does not share good news. There are some closing issues that he mentions about.
Fortunately, many of you can avoid these issues with just a few simple proactive measures and a few points of emphasis during the home-buying process. If you've done any of these in the past, it's time to learn from your mistakes:
You Chose the Wrong Team:
You increase your chances of failure if you approach the home-buying process as transactional and solely on price. It takes almost ages to close a loan. When compared to the trust and service you receive from real mortgage professional, a 1/8th in interest rate is minimal.
Same goes for the real estate agent. If you choose your friend's best friend because he is your friend's best friend and not because he is an impressive agent, you will notice the inexperience the minute the inevitable issue pops up.
Perhaps You Tried to Hide Something:
It is not at all wise to hide anything because there are numerous security and fraud checks running in the background of every mortgage transaction. Almost every database is checked. It's important that you take your time to inform your mortgage lender of potential issues and help them document those issues as early in the process as possible. If something is not disclosed or presented in a false manner, your transaction is likely to be trouble.
Your Pre-Approval Was Weak:
Fully document everything and thoroughly research your mortgage lender. Take as much time as you want because one small mistake will cost you your mortgage approval. Displaced living arrangements, countless hours of wasted time and lost earnest money - all because one important piece of home-buying process was half-heartedly or carelessly completely - the pre-approval.
Stay Calm - Sometimes Surprises May Actually Surprise:
There may be outside forces that may affect your home-buying process. Forces that you cannot control and therefore you accomplish little or nothing when you lose your cool. Take control of the small things that you can control - don't change your job while getting a new mortgage, make sure your paperwork is tidy and in order, review all lender documentation before the day of the closing, etc.
There can be numerous extreme scenarios that can give you unpleasant surprises, but the trick is to keep your calm and find legitimate solutions instead of giving up. It is crucial for you to understand your part in the closing process and at the same time being prepared for any unwelcome surprises. Get in touch with me to know more about the home-buying or selling processes and to get the best possible deals.