How to Close Faster on Your First Home

Purchasing your first home is an exciting milestone! However, the home buying process can feel long and drawn out, especially when you are eager to move in. Here are some tips to help you close faster on your first home purchase.

Get Pre-Approved for a Mortgage

One of the key steps to closing quickly is getting pre-approved for a mortgage loan before you start shopping. This shows sellers that you are a serious buyer who is ready to move forward. Here's how to get pre-approved:

  • Get in touch with a few lenders and compare mortgage rates and fees. Local banks, credit unions, and online lenders are all options.

  • Submit financial documentation like tax returns, pay stubs, and bank statements so the lender can review your income, assets, debts, and credit score. 

  • Your lender will determine the maximum loan amount you qualify for and issue a pre-approval letter. This letter states you have been conditionally approved subject to further verification later.

  • Shop within your pre-approval amount to ensure you only look at homes you can afford based on the lender's calculations. Sticking to your pre-approval limit will speed up the buying process.

Lean on Your Real Estate Agent 

An experienced real estate agent can help you find a home and navigate negotiations to close quickly. Rely on your agent for the following:

Access to listings as soon as they hit the market so you can view and make offers quickly. Your agent can set you up with instant email alerts for new listings meeting your criteria. This allows you to schedule showings and submit offers on day one before there is more competition.

Guidance on competitive offers and earnest money deposits that will grab the seller's attention. Your agent will know how much earnest money is typical for your price range in the local market. They can advise you on strategically increasing the deposit or offer price if needed to beat out other buyers.

Scheduling inspections and appraisals rapidly so they don't delay the deal. Ask your agent to book qualified inspectors and appraisers who can perform assessments within a few days of the contract date. Rush delivery of the reports helps keep the buying process moving.

Expertise on your local market conditions and average days to close so you know what to expect. Experienced agents will have insight into factors like mortgage processing times, attorney workload, and typical title company schedules that impact closing. This knowledge helps them provide realistic guidance on feasible closing dates.

Advice on the shortest feasible closing date to propose based on market norms. Your agent can look at market trends and conditions to determine the quickest, most realistic timeline for closing. This prevents you from proposing unattainable dates that could stall or jeopardize the deal.

Have Your Team in Place

In addition to your real estate agent, assemble your home buying team in advance. This includes a lender, real estate attorney, and home inspector. Having these professionals ready to go will prevent delays during the buying process.

Manage the Paperwork 

How to Close Faster on Your First Home

Finally, do your part to promptly complete paperwork and track document requests. Respond to lenders and attorneys right away as they work to finalize contracts, title commitments, and loan approvals. Carefully reviewing documents and returning them quickly will help accelerate your timeline so you can get those keys sooner!

With pre-approval, an experienced real estate agent, your team lined up, and diligent follow-through on your end, you'll be well on your way to closing faster on your dream home.

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