Tips for a Quick Closing
If you look at our reviews or testimonials, you’ll notice that so many of our customers have stated how happy they were with the timeline of their experience working with First Ohio Home Finance. The customer’s timeline is always a number one priority, it is important to be upfront with your Loan Officer about your timeline, it is also helpful to be realistic.
Current mortgage rates remain below 4 percent. Mortgage rates are so low, that many people are back to the “should I buy or should I rent” debate. Rent prices are rising quickly and mortgage rates are not. The widespread availability of low down payment loans plus rising approval rates but today’s low mortgage rates have created a buyer’s market.
To help you compete in the fast-paced buying market, we have created a couple tips for closing on-time:
- Get your purchase loan approved quickly: Typically the longest part of the process is exchanging documentation. As a home buyer, you can be prepared for the lender’s request by having your documentation ready to go. The complete list of documentation needed can be found here: https://firstohiohome.com/purchase-home/mortgage-checklists/. If you have those documents ready, that will reduce the numbers of days required to get your approval. Just like with most other things in life, it is important to be prepared.
- Be open with your lender: Honesty is the best policy, the loan approval is no exception. If you are going on a trip or a big life event might be happening during the process, it is crucial to let your loan officer know that. If you are going to be out of contact they are going to need to know that. If there are any financial circumstances that are going on, you need to tell your Loan Officer right from the beginning because they will find out everything during the process and you don’t want to risk not getting approved for your loan. Our Loan Officers are on your team, they will do whatever they can to help you.
- Pre-Approvals: To be pre-approved for a mortgage means that a lender has looked at your credit and financial history and determined that would be eligible for a mortgage. A pre-approval generally is a written statement from a lender stating that a borrower would qualify for a certain loan amount. Most pre-approval letters are good for 60 to 90 days. Getting pre-approved for a specific loan amount will give you a more accurate idea of what you can afford. It can also make your offer more attractive to sellers because they will know you are serious and the deal will be closed quicker than someone who is not pre-approved. Getting pre-approved does not mean that you are guaranteed a mortgage. If your financial situation changes or if rates change before you make an offer, you might not receive the same mortgage you were pre-approved for.
Our Loan Officers will go above and beyond to make your financial dreams a reality as quickly as possible. Contact us today to get started!
