If you're in the process of buying a home, then you'll need to be careful to avoid certain actions that might delay the closing of your new dream home. Here are some of the most common reasons your closing can be delayed and what you can do to avoid them.
1. Issues With Home Inspection and Necessary Repairs
There are times when issues arise during a home inspection and this can be a major reason for delays in home closings.
If you're told that there are problems with the home, then you can ask the seller to make the necessary repairs and this can take time. If the owner doesn’t want to make repairs, or you don’t want to wait, you can renegotiate the purchase price to include the cost of repairs and then do them yourself.
2. Changes in Your Employment Situation or Credit
If you quit your job and start a new one, this could cause a delay in the closing. Even if your new job pays more than your previous one because it could lead your lender to adjust the underwriting which could bring things to a halt.
The same thing could happen if you have major changes to your credit score or usage. For example, don’t make large credit purchases before closing on your home because it could affect the status of your loan, also.
3. Something is Wrong With the Title
In some cases, there might be issues with the title on the home you intend to purchase. It could be unpaid debts, liens, or something else that would keep the title from being transferred. This is one reason most lenders will require you to get title insurance to protect yourself, and the lender, from any losses associated with title problems.
If you’re ready to take the next step toward buying your next home, contact us today. We are here to offer the assistance you need in order to obtain the right mortgage to help you buy your dream home.
We are a direct lender and a broker who will work one on one with you to exceed your expectations. If we don’t have a product that makes the most sense for you, we’ll find the lender that does. We’ll make sure you have the best loan at the best price. Choose Lend Smart- it’s the smarter way of doing business.