There is nothing sweeter in the world for home buyers than to hear the much anticipated words from
their mortgage lender:

Clear to close!

Getting to that point though has taken a bit longer in my area (Macomb County MI) and I have a feeling
it's the same for most of the country.   Times sure have changed and we all need to be on our toes and be pro-active to understand what we can change and what we can't change about the mortgage process.

Below is a list of things that can (and will) slow down your mortgage process and delay the closing on
your new home beyond the expected date:

• Appraisal review:  This is now the new normal.  Once the appraisal comes back to the lender it most often goes in for an additional review by another set of eyes. You'll have another 3-5 business days of waiting out this process before you will hear those magic words.
  
  
• Last pay stubs and bank statements:   It doesn't matter that you gave your lender pay stubs and bank statements 30 days ago.  Save each new one as you receive it and forward it to him/her immediately.  It's much quicker and less stress on you if you just forward them over instead of waiting to be asked for them.
  
  
  
• Verbal verification of employment:   The day before or the day of closing the mortgage processor will make one last phone call to your employer to make sure you are still an employee.  Unemployment is still high and the lender wants to make sure you have employment the day you sign the mortgage papers.  (If your company is going to be closed down for any vacation time or holiday please let your lender know those dates.)
  
  
  
• Homeowners insurance:   A simple rate quote and declarations sheet used to be good enough for the underwriter to clear your loan to close.  Not quite so simple anymore.   Ask your mortgage lender for the specifics of what is needed by you and your insurance carrier 10 days to 2 weeks before your anticipated closing.  (Most lenders will be happy to talk to your insurance representative - they all want to get it right the first time around.)
  
  

The best advice that I can offer a home buyer to help all of this go smoother?  Keep in constant contact with your mortgage lender and buyers agent.    Teamwork is truly the key to a smooth home purchase and hearing those magical words "Clear to close".



~Kris Wales~  A partner for your real estate needs in Macomb County MI