Wednesday, May 9, 2018

How to Avoid Mortgage Closing Delays on Chicago's North Shore

When you've found your dream home on Chicago's North Shore, you want to move in as soon as possible! But even though your offer has been accepted, you'll need to make it to the mortgage closing before you're officially declared a homeowner.

There are several factors that can impact the timeline of the closing, some of which are out of your hands, so it's always helpful to know what you can do to keep things on track! Below are four ways you can avoid a closing delay in Winnetka, Northbrook, Highland Park, Deerfield, or Glencoe:

Send documents on time
Lenders will ask for many documents throughout the closing process and it's essential that you send them as soon as possible. When you fail to provide the necessary verification on time, your closing could get pushed back days or even weeks.

Check for liens
If the property has a tax lien against it, you are likely in for a closing delay until the issue is resolved. While this may be out of your hands as a home buyer on Chicago's North Shore, working with your lender to learn of any liens can at least keep your expectations on par.

Avoid large purchases
You will be tempted to buy furniture and decor for your new home in Winnetka, Glencoe, Northbrook, Highland Park, or Deerfield, but it's important to hold off until after the closing. Making big purchases like this on a credit card can jeopardize your qualifications in the eyes of a lender as you are taking on more debt. The lender will pull your credit before closing to check that you're still in good standing and if not, your closing could be impacted.

Resolve HOA fees
If the previous homeowner owes any outstanding fees or fines to the homeowner's association, it may be wise to try to resolve them as early as you can to keep from adjusting your closing date. You may be able to negotiate these with the seller, or pay them, prior to experiencing any hiccups in the closing process.

As your North Shore real estate expert, I am here to walk you through every aspect of the home buying process, from home search to home closing. Give me a call today for more information or a list of available homes in the area!

I look forward to hearing from you!

Janie Bress
Your North Shore Real Estate Expert

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