Closing can feel like a mythical moment in the home buying process.  It’s that moment where, after all the searching, negotiating and number crunching, you finally sit down, sign paperwork and are handed the keys.  Believe it or not, this is the easiest part of the home buying process, unless something goes wrong, in which case it can become the hardest part. 

There is no need to panic though, it will probably be a piece of cake.  Assuming you have a dynamic realtor (like the All-Star Team), we will be holding your hand throughout the process.  Things can go wrong, and we want you to be prepared!  Our team works full-time to keep you connected and part of the process.    

Keep TRID in mind.  TRID stands for TILA-RESPA Integrated Disclosure rule, which became the law in October 3, 2015.  It ensures you’ll be given forms designed to make it clear to you, the homeowner, exactly what you’re spending to buy your house, and you have three days to review documents.  Before the new rules, buyers often wouldn’t see their closing statement until the day of closing, or perhaps the day before.  Arguably, TRID is a good thing.  Nobody wants to feel pressured into buying a house with terms they feel they never would have signed off on had they realized what the terms were. Also, be aware that you, the buyer, could be the one to cause the delays.   Any changes in loan documentation can cause an additional 3-day waiting period so it’s imperative that buyers get all required documents and information to their lenders as soon as possible.  Lenders can’t make things happen on time if they haven’t received everything they need from you.  Here’s an example; if you drag your feet in obtaining homeowner’s insurance, this can trigger an additional three-day waiting period to finalize the loan and close, which is not happy news to all others involved in the transaction.  

Here are a few tips to be aware of before your homebuying and closing experience: 

  1. Never make any new financing decisions before you sit at the closing table. Don’t buy expensive furniture and you certainly don’t need a new car to move into your new house.  Today, credit can be extremely tight, and this or any purchase affecting your credit can cancel your deal immediately.
  2. Your credit is refreshed by the lender the day before closing to ensure nothing has changed and there are no new balances or credit accounts opened in your name.
  3. Bring proper identification to closing and make sure it is not expired.  No ID, No Closing!!

If you’re buying or selling a home, you should set realistic expectations.  Having an experienced and competent realtor from The All-Star Team working on your behalf will give you the best odds that your deal will NOT fall through!