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The day has finally arrived. You’ve been waiting over a month to get the keys to your dream home and all that’s left is some paperwork. While this is the scenario many buyers envision when purchasing a home, those who have been through the experience know that the process is not always a smooth one.
While most closings do go relatively smoothly and without major delay, there are certain things buyers can do to prepare for the big day. The first thing experts recommend to buyers is to read absolutely everything. The mountain of paperwork may seem overwhelming, it is important that buyers pay close attention, particularly to the closing costs and the documents transferring title.
Among the top things experts suggest buyers not do is make a major purchase. Although you may be excited to furnish your new home or upgrade the appliances, real estate professionals warn that such a large purchase could impact your credit and jeopardize the entire loan.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.5 percent and 15-year rates are near 3.0 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.