MANGROVE REALTY ASSOCIATES
Lori Madden, MANGROVE REALTY ASSOCIATES
Email: [email protected]

Tips For Successful Mortgage Closing

by Lori Madden 10/27/2019

Pick a date 

The best time to set a closing date is at the end of the month as interest at the table is at its lowest then, and you'll want to pick a closing date around the same time your current lease is set to lapse. 

Take your time

The conclusion of the closing means you have committed 20-30 years of your life toward repaying a house loan. So take time to ensure you understand the full implications of the agreement you're signing. If you feel there's something unclear, don't hesitate to ask. Don't rush—you can even back out of the deal at that point. You can request the closing documents a few days before the date of closing so that you have time to go through them with a fine-tooth comb.

Get insured

First, get title insurance. This kind of coverage offers your mortgage provider a measure of comfort in the event that the seller didn't really own the property they were offering you. What about you, the buyer? There is a similar policy available specifically for buyers. This insurance will give you some redress in the event there were some legal issues in previous sales on the property that have resulted in fraud claims against you or liens on the property.Also, begin arranging to have your new property insured. Before the closing date, start sourcing for home insurance quotes online or from the insurance companies you know. If you already have car insurance, getting a home insurance policy from the same provider might mean you'll pay lower premiums.

Inspect the new house

Conduct a thorough inspection of the property from top to bottom one more time asking yourself the following questions:

  • Have any changes occurred to the house since you last viewed it?
  • Have the repairs you requested on my last walk-through been done?
  • Are amenities like water and electricity functioning as they should?
  • Are the front and back yards as you left them or have some shrubs been removed or landscaping damaged?
  • Has the seller removed all their belongings? 

If the inspection raises some issues, delay the closing until they are resolved. Should you have already fixed a moving date, try to get cash compensation to compensate for outstanding work.

Ask your real estate agent any and everything you need to know before the closing.

About the Author
Author

Lori Madden

As a Florida native growing up in Sarasota, I have seen my hometown grow from a sleepy coastal town to a highly sought-after destination along the shores of the Gulf of Mexico. After working in Chicago for 5 years, I returned to Sarasota and saw it through a new lens and really began to appreciate what makes Sarasota so desirable, including temperatures that allow for year round outdoor activities including tennis (a personal favorite), golf, boating, kayaking, fishing, paddle boarding, or just relaxing and/or shelling on our pristine sandy shores, including Dr. Beach’s #1 beach in the United States for 2017, Siesta Key! Sarasota’s cultural amenities are many and diverse, appealing to a wide range of arts lovers. Downtown Sarasota has become a destination in itself, drawing many new developments for those who want to be within walking distance of Main Street's offerings and the picturesque bayfront and marina. Foodies will find an eclectic mix of locally owned and operated restaurants offering something for everyone, and there are now Farmers Markets every day of the week in various locations throughout Sarasota, but the Saturday morning Farmers Market in downtown Sarasota draws the biggest crowds. Since 1988, my passion has been selling real estate, representing both buyers and sellers. I have been recognized by my clients and customers for an uncompromising work ethic and dedication to helping them achieve their real estate goals. Relying on my experience as a real estate paralegal and being highly organized, I am able to help make the transition between contract and closing a smooth one for my clients. With an eye for interior and landscape design, I've been known to pitch in and help Sellers minimize and/or reorganize their belongings in order to stage their home to maximize its sale potential. I specialize in out of state buyers looking for their piece of paradise along the Gulf Coast and make it a priority to keep them up to date on our quickly changing local real estate market. I welcome the opportunity to share with you all Sarasota and her surrounding islands have to offer!