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Closing on a Home? Here’s What to Expect.

Have Financing in Hand with an Idaho Hard Money Loan

You’ve found a great home or ideal investment property and have been approved for a mortgage. Your offer’s been accepted and closing day is approaching.

It’s an exciting time after what, for some buyers, has been a lengthy and emotional journey. But closing comes with its own challenges, questions and potential roadblocks.

The more prepared you are, the smoother the process will go. Here’s what to expect through closing and final funding.

Guide to Closing on Your Real Estate Investment

Closing is the final step in a real estate transaction. It is the day when documents are signed making property ownership legally yours. Once your loan “funds” it is official.

The amount of time it takes from making an offer on a property to closing depends on the loan officer, the closer, the reliability of the seller – and you as the buyer. The more quickly you provide requested closing documents and signatures, the faster the process will go.

Closing typically takes 30-45 days from completing your mortgage application, though it can take longer depending on the complexity of your situation and demands of the current housing market. At least three days prior to closing, your lender will provide a final Closing Disclosure outlining your loan agreement in detail. This is your opportunity to review your loan one last time, from loan amount to interest rate to escrow to closing costs, and compare it to your loan estimate. If there are discrepancies or errors, contact your loan officer; your closing date may be delayed, but it’s important to make sure all documents are correct prior to signing.

If you are responsible for closing costs, the Closing Disclosure will prepare you for the exact amount you will pay the day of closing. Personal checks are usually not accepted, so you will need a cashier’s or certified check in the amount due.

When the big day arrives, expect closing to take 1-2 hours. Plan to bring photo ID, your Closing Disclosure for reference, proof of Homeowners Insurance if requested, and closing payment.

Once all documents are signed, your lender will disburse or wire funds to your title or escrow company to pay for the property you have acquired. Funding requirements and timing differ by state and the type of loan (purchase vs refinance), but is generally immediate when you purchase a property.

Congratulations! You have closed and funded, and are now a new property owner.

Hiccups can occur with any closing. An appraisal may come in lower than anticipated, a title search may uncover a property lien, an inspection may reveal unexpected trouble. As the buyer, you may run into financial issues or overlook requested loan documentation. You can help the closing process along by being responsive, making all monthly payments on time, and avoiding any new debt.

Our Idaho Hard Money Loans Make Financing Fast & Simple

Buying a home or investment property can be challenging. Financing doesn’t have to be. Successful real estate investors know that hard money lenders provide a great alternative to traditional lending sources that require lengthy approval and closing processes. Gregory M. Russell has worked in partnership with Idaho real estate investors for over three decades, helping to make their real estate experience less stressful and time-consuming. Unlike conventional lenders, our lending process is simple and streamlined. Our private money loans are asset-based. If you have adequate collateral, you can have money in hand in ten days or less. Your credit and employment history are secondary, and paperwork is minimal. Apply via our simple online loan request form today. It’s that easy. Interested in learning more? Give a call at 1-888-477-0444. We’re here to help make you purchase, renovate or refinance and meet your real estate goals!