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

 With an undergraduate degree in International Marketing from William Paterson University, and a wealth of business experience, Erin brings a unique set of knowledge and skills to both buyers and sellers. From helping buyers purchase their perfect home to maximizing a seller’s return, Erin combines drive, creativity, and attention to detail to ensure that each transaction is a success.

In 2016, Erin obtained her real estate license and joined the RealtyQuest team at Kinard Realty Group. Prior to joining Kinard Realty Group, Erin enjoyed a successful career in finance at powerhouse companies including Deutsche Bank, Bear Stearns, and Credit Suisse. In a variety of sales and marketing roles at those companies, she handled a broad range of responsibilities, including business development, new product development, and marketing for these businesses and products.

She is a great listener and communicator and knows how to tailor each transaction with the least amount of difficulties to fully meet her clients’ needs. She is a natural people person who will work tirelessly on her client’s behalf.

A New York City transplant, Erin loves everything about Fairfield and New Haven County. She is warm and energetic, and her enthusiasm for this area is contagious. Erin is also very active in the Stratford Community, serving as a Volunteer for St. James School, Stratford CT, Member of the Lordship Improvement Association, and Active Parishioner at Our Lady of Peace, Lordship CT.

When not working on real estate, Erin loves spending time with her husband and two young children and enjoys skiing, running, boating, Barre, Peloton, restaurants and friends.

Her friendly style, tenacity, and technological abilities provide her clients with a competitive edge in challenging markets.