(636) 898-0888 Toll Free: (877) 456-2900
The big day is approaching fast! After months of searching, you've finally found your dream home in St. Louis. Your offer was accepted, the inspection went smoothly, and now all that's left is closing on the property. While this final step may seem straightforward, closing day can quickly become complicated if you're not prepared. Don't let last-minute surprises derail your homebuying goals! Let’s explore some tips to keep your home closing experience as seamless as possible.
Get Organized Early
As soon as your offer is accepted, start gathering all the documentation needed throughout the entire closing process. This includes bank statements, tax returns, pay stubs, and any other financial records required for mortgage approval. Being organized from the start prevents delays from a missing document suddenly cropping up at closing. Setting reminders on your calendar for any impending deadlines can also help you stay on top of all the necessary paperwork.
Keep Your Finances in Order
Avoid major purchases that may impact your debt-to-income ratio in the weeks leading up to closing. Don't open new credit cards or lines of credit, either. Your lender will check your credit again right before closing. Any red flags could cause delays or even jeopardize your mortgage entirely.
Maintain Open Communication
Keep all parties involved in frequent contact as you approach closing day. Discuss any adjustments in your finances with your loan officer immediately to avoid jeopardizing your mortgage eligibility. Alert your real estate agent about any issues that you might see coming up with the seller. The more forthcoming you are about potential snags, the more easily they can be resolved before closing.
Understand the Closing Disclosure
Carefully review your Closing Disclosure from the lender once available. This detailed statement outlines all costs associated with the home purchase. If you have questions or spot discrepancies, address them right away. Don't wait until you're sitting at the closing table to bring up those concerns!
Conduct a Final Home Walkthrough
Schedule a final walkthrough of the property shortly before closing. Verify that any repairs agreed upon in your purchase contract have been completed by the seller. Also check that no new damage has occurred. Identifying problems ahead of time provides an opportunity to address them before closing.
Set Aside Sufficient Time on Closing Day
While the signing process normally takes 1-2 hours, set aside at least half of your closing day – just in case it runs long. You might want to have a few snacks on hand to help keep your energy up on this very important day! With so much riding on the closing process going smoothly, you'll want to be focused and avoid feeling tired or drained.
Closing on a home in St. Louis should be an exciting milestone, not a stressful ordeal. Following these tips will help you tackle closing day with confidence. Make sure you stay organized, maintain open communication, and don't be afraid to speak up about any concerns or potential snags. Taking a proactive approach will ensure your homebuying journey ends smoothly.