When you close your home there are a few things you’re going to need to expect – first of all you’ll want to expect the unexpected! It’s important to really be prepared for something awful to happen, so don’t freak out if the cashier’s check doesn’t clear or if there are delays. This just happens sometimes with closing, and with closing times going longer than ever before, you’re better off just dealing with delays as they come. Here we’re going to talk about a few of the things you should expect when you get to closing and how to make sure it goes as smoothly as possible. Let’s get started!
It Doesn’t Hurt Your Credit Score to Apply
It doesn’t hurt your credit score to apply to multiple lenders over a 45 day period. Make sure that you get aggressive about finding the lender that will give you the best deal.
Closing Starts Way Before You Get the Home
As soon as you sign your purchase contract, you’re in closing. It can take months to get from start to finish, so don’t rush. Take your time, have a lawyer look at your purchase contract and make sure that both the home you’re buying and the mortgage you’re about to take out is exactly what you expect it to be. It’s not uncommon for either the lender or the seller to add in a little something extra – and if you don’t find it, you’re liable. Take the time to have your lawyer look over it; if you don’t have a lawyer, get one!
Closing Costs Vary Lender to Lender
Different lenders are going to offer different fees and discounts, so it’s important that you get out there and start exploring what you can get from each lender. A common misconception about applying for mortgages is that you’ll ding your credit – you actually have a 45 day window from the first time you apply to apply for other mortgages to avoid damaging your credit. This gives you a lot of time to talk to different lenders and find out what they have to offer you.
Understand Your Lender Fees
You’re going to have lender fees, but what fees you pay will vary from lender to lender and province to province. You’ll have government fees and taxes, you’ll have different fees from companies (title companies for example) and you’ll have some filing fees you have to pay too.
To find the best rate on your lender’s fees, you’re going to want to look at the closing costs and origination fees with your mortgage. This will help you understand which is the most affordable and which lender is padding the bill.
Understand Government Taxes
Land Transfer Tax is one of the most unpopular fees to pay, but you’ll also have property taxes and recording or registration fees that you’ll have to pay when you buy luxury homes for sale or luxury real estate. Just make sure you know what you’re paying before you close!
The Goodale Miller Team is the #1 team in Canada for Century 21 11 years running. Specializing in Oakville luxury real estate including Lakefront homes, infill building lots, condominiums and more. For a listing of luxury homes for sale in the Oakville area visit their homes for sale page here: http://www.goodalemillerteam.com/Homes.aspx