4 Tips For Successful Mortgage Closing

by Erin Fernschild 06/26/2019

Pick a date 

The best time to set a closing date is at the end of the month as interest at the table is at its lowest then, and you'll want to pick a closing date around the same time your current lease is set to lapse. 

Take your time

The conclusion of the closing means you have committed 20-30 years of your life toward repaying a house loan. So take time to ensure you understand the full implications of the agreement you're signing. If you feel there's something unclear, don't hesitate to ask. Don't rush—you can even back out of the deal at that point. You can request the closing documents a few days before the date of closing so that you have time to go through them with a fine-tooth comb.

Get insured

First, get title insurance. This kind of coverage offers your mortgage provider a measure of comfort in the event that the seller didn't really own the property they were offering you. What about you, the buyer? There is a similar policy available specifically for buyers. This insurance will give you some redress in the event there were some legal issues in previous sales on the property that have resulted in fraud claims against you or liens on the property.Also, begin arranging to have your new property insured. Before the closing date, start sourcing for home insurance quotes online or from the insurance companies you know. If you already have car insurance, getting a home insurance policy from the same provider might mean you'll pay lower premiums.

Inspect the new house

Conduct a thorough inspection of the property from top to bottom one more time asking yourself the following questions:

  • Have any changes occurred to the house since you last viewed it?
  • Have the repairs you requested on my last walk-through been done?
  • Are amenities like water and electricity functioning as they should?
  • Are the front and back yards as you left them or have some shrubs been removed or landscaping damaged?
  • Has the seller removed all their belongings? 

If the inspection raises some issues, delay the closing until they are resolved. Should you have already fixed a moving date, try to get cash compensation to compensate for outstanding work.

Ask your real estate agent any and everything you need to know before the closing.

About the Author
Author

Erin Fernschild

I believe that when it comes to Real Estate sales and service, you can have it all and that is my professional goal. Erin Fernschild has lived in Stratford, CT since moving from New York City in 2005. First living in the direct waterfront community of Breakwater Key and then moving to Lordship in 2012. Her interests in Real Estate expanded while she was searching for a home that would meet her lifestyle and growing family needs. Commuting to Wall Street in NYC on the train gave her ample time to find the perfect location for all of her requirements, even though she was told by many “you can’t have it all”. Erin attended William Patterson University earning a Bachelor of Science degree in Business Administration and International Marketing. Throughout her career, she has worked for several Investment Banking Firms in NYC including First Boston, Bear Stearns, and Deutsche Bank. In 2016, Erin obtained her real estate license and joined RealtyQuest. Erin’s passion for service and understanding of what it takes to complete any transaction with the least amount of difficulties stems from her role at Deutsche Bank where she co-­founded its Relationship Management team which is accountable for the Bank’s overall commercial relationships. Erin worked face-to-face on a daily basis with large hedge funds, asset managers, and high net worth individuals, listening to their needs, communicating effectively and often acting as a mediator to resolve issues. Her friendly style, tenacity, and technological ability provide her clients with a competitive edge in challenging markets. She is a natural people person who will work tirelessly on her client’s behalf. She truly enjoys assisting others to Buy, Sell and Invest in Real Estate and understands the amount of time, dedication, and thoughtfulness that goes into finding the right property, at the right price, that meets all of her client’s needs.