Major money transactions are stressful. Moving is stressful. Big life commitments are stressful. Put ‘em all together, and what do you have? The home buying (or selling) process!!! Here are 3 money, mindset and calendar management strategies for buying a home, without stressing out.
1. Be prepared. Scrambling for money and documents that the lender, unexpectedly, “requires” has got to rank in the top couple of stressors that buyers experience. Avoid this scrambling by being prepared. If you are planning to buy a home down the road, consult our preferred mortgage brokers and the oldham group early on in your planning process, so you know what kind of cash you’ll realistically need to close the deal.
And have all your documents ready, too – things like divorce decrees, tax returns, updated check stubs, documentation of bills that you’ve recently paid down or off , even driver’s licenses (you wouldn’t believe the number of people who can’t produce ID when the notary needs it at the closing table!), keep all these items at the ready in case your lender requires them.
After you submit a loan application, do not make any major changes that would impact the validity of that application. No job changes, new cars until after closing!
2. Keep your timelines as flexible as possible. There many reasons for late closings but more important than knowing the causes is knowing that closing dates are not set in stone until the end is very, very near. Best practice is to plan on some overlapping days between the time you should be able to move into your next home, and the time you must be out of your current home.
3. Take the ADVICE you get from the oldham/group. A great agent can spare you a great deal of hassle. We see the home buying process day in and day out and are familiar with changes in lending, appraisals, title and local policy that can trip you up. We ask that buyers comminicate frequently so we can focus on thier specific needs and provide guidance for smooth transaction.
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