How can consumers improve the closing process?
The mortgage shopping and home buying processes can be trying for many consumers, but once they get those issues handled, they usually only have one hurdle left to clear before they own their homes. But closing can present its own difficulties at times, especially if consumers aren't fully prepared for the process, so the more that can be done to make sure these potential problems don't arise, the better off all parties involved are likely to be.
For that reason, the smartest thing consumers can do when it comes to understanding the closing process is to simply be as inquisitive as possible, according to a report from Bankrate. Even if they feel like they're bombarding mortgage professionals with questions, it's really all just part of trying to learn as much as possible about what they'll need to do, and the ways in which they can best prepare themselves for success.
This will potentially also help to make them aware of some of the common mistakes that other people have made throughout the closing process, the report said. That knowledge can obviously be quite instructive simply because it can inform decisions about what not to do. If consumers go in with as much positive, reinforced information as possible, the closing process can often be a breeze.
This, too, goes without saying, but consumers should really be familiar with the terms of their deals and read as much as they can of the mortgage documents they're hoping to sign off on, in advance of sitting down at the closing table, the report said. This will help to minimize surprises, and issues like sticker shock, that can sometimes arrive for people who go into the process without trying to educate themselves.
"You should have everything you are going to sign before you sign it," Jeff Richardson, a real estate agent in Newark, Calif., told the site. "A lot of people don't do that. When they get to closing, they are nervous, and they just want to sign and get the keys. That's how people get in trouble."
Because these problems can often crop up at the last minute, it might also be wise for mortgage professionals to work with potential buyers throughout the process to make sure that they're fully aware of what's required of both sides, and the costs involved, so that no surprises end up appearing.
By: Equity National November 13, 2014 Closing