What Can I do to Make Sure My Loan Process Goes Smoothly?
Even if you're not a Boy Scout, being prepared is the key to a smooth closing, so we’re going to ask for your help with a few things.
1. Cash to Close.
Most likely, you’ve discussed your down payment and closing costs with your loan originator and you have a ballpark figure on how much you need to bring to closing. Please do us a huge favor and make arrangements far in advance to have those funds available in your bank account. You may be getting money from a gift, an IRA, or an out-of-state bank, and moving money around can take some time and effort. Figure out your figures now and you’ll be in great shape.
2. Document the Dough.
When you move money around or transfer it in from a gift or outside account, keep good records of those transactions. Keep copies of checks, statements and deposit slips. Lenders often want a paper trail of the cash you are bringing to closing. And err on the side of caution; if you change your mind on where you’re getting your money from, let us know right away.
3. Start Shopping.
No, not furniture or wallpaper shopping. Start getting quotes for your homeowner’s insurance (and flood if needed). Most agents can put together some accurate figures based on the age, location, and size of your home. Let us know when you find an agency that you’d like to use and we’ll get in touch with them right away.
4. Travel Tips.
If you are planning a trip out of town or know that you won’t be available to come to a closing, please tell us as soon as possible so we can work out the logistics for you. Mail away closings take more time and often require better planning, so help us help you and fill us in on your plans.