Are You Looking for a Quick Close? Here's How to Get One

Although closing delays are sometimes unavoidable, you—as a buyer—can take steps to help ensure that you have the quickest possible closing:

Get everyone on the same page. First and foremost, everyone involved in the process should know that you desire a quick closing. Whether it’s your real estate agent, mortgage lender, broker, settlement agent, or other professional, make sure you talk to them ahead of time. Not only will they be able to help speed along the process, but they’ll also likely have a few tips or advice about how you can close quickly.

Know how the process works and what you’ll need to provide. Familiarizing yourself with the process in advance—including knowing what paperwork you’ll need—can greatly reduce the time it takes to close. Tax returns, W-2’s, recent pay stubs, and bank statements are all common documents you’ll need to provide, but be prepared to provide other paperwork if you have a unique credit situation (such as alimony payments or gift funds). Also, make sure you’re aware of the new TRID rules and documents that are now standard in the mortgage process.

Use a pre-approval to get a head start. Not only is a pre-approval helpful in securing the home you want, but it can also help you get a head start on closing the purchase. A pre-approval is, in a way, a dry run for the formal approval process. Your lender will already have much of your information and documentation and will have completed some parts of the approval process.

Disclose all of your information and be upfront with your lender. Even if you believe a part of your finances or credit isn’t relevant to your loan approval, it’s much better to provide that information and allow the lender to decide its importance. If that information is revealed later on in the process, it may delay your closing. If you’re looking for a quick close, you’re better off disclosing everything in advance and being honest with your lender.

Be timely in your responses. The best way to speed the closing process along is to respond quickly to requests from your lender. Make sure you return signed forms as soon as possible, fill out documents in a timely manner and respond to requests for information as soon as you can. Also, be prepared to respond to and explain any negative items on your credit report, if applicable.

As mentioned above, there may be instances in which unforeseen delays do occur. Unfortunately, there are no guarantees that you’ll have a quick closing. However, by taking steps to streamline the process, you can greatly increase your chances.

For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988. Licensed by the Commissioner of Banks - License No. MB2671

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