Closing Day for Homebuyers Explained
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- Опубліковано 6 вер 2024
- In today's home buying tips episode you'll learn abut closing day for homebuyers and what you should know!
#ClosingDayForHomebuyers
🎬 About:
What can go wrong at closing? Especially on closing day on your new dream home home? Turns out, quite a bit. From possible issues with the final walkthrough to mortgage interest rate changes (if you didn't rate lock) to buyers simply getting ahead of themselves by going out and charging up credit cards for new furniture, appliances, etc...
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📒 Show Notes 📒
Throughout the closing on a house process, you trusted real estate advisor will guide you with a closing on a house checklist and help keep you on tract. Your local loan officer will share with you the common reasons why buyers fail to close on a home. All of which can be avoided with the simple steps in this video.
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Andrew Finney Trusted Real Estate Advisor/ USMC Veteran S.0173260
www.andrewfinneyteam.com
King Realty Group 6955 N. Durango Drive
Suite 1004
Las Vegas, NV 89149
Disclaimers/ Credits:
At the time of production, Andrew Finney, S.0173260, is a real estate salesperson with BHHS, NV Properties in Las Vegas, NV. Andrew's videos are his own and do not necessarily represent the views and/ or opinions of BHHS, NV Properties. The purpose of Andrew's videos is to educate you and help you make sense of the real estate process. I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. If you have questions about home loans, real estate, taxes, financial advice, real estate law, insurance, professional trades, or any other services, you are advised to reach out to the appropriate professional for further counsel about your own unique situation. The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or any other and may be outdated or inaccurate; it is your responsibility to verify all information for yourself. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that is free from error. Linked items may create a financial benefit for Andrew Finney Team. Any use of other media is by fair-use or license only.
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I wanna see that refrigerator
Closing time in like 1 hour and currently watching last minute videos like this 😅
Alfonso Tapia same here 😅
😂
I'm closing in 1 week
@@bryananderson3772 I'm also closing for my condo next week 🤞
@@erickestrada6782 let's hope it goes smoothly for both of us. I've doing this for 4 months!
Think of it like this: your team is up with 1 minute left in the game.
1) do they go into the locker room to celebrate
Or
2) keep playing the game until the final whistle blows
Which one do you think?🤔
Same with the closing - stay the course!!
Keys in hand - spike the hell out of it then!!! 🥰🥰🥰
Thanks Andrew… very helpful information! Had first showing yesterday-they contacted my realtor 1 hour after leaving to say they are definitely interested!! They had 0 negative feedback and in fact said “ this is perfect for us” as they entered each new area. They contacted my realtor again today to say “meeting with bank on Monday to discuss financing”.
My home is very unusual and worth more than the comps suggest. Have dropped $300,000 in price in 30 days time. My home has a couple of issues that could make inspection & closing… shall we say… interesting 😊 Really needed to hear this🙏🏻
Thank you Andrew! I’m in the process of closing on my first home and I’m nervous. Just don’t want to screw anything up before I get to closing day! This video has helped a lot.
Hi BlackRosary81,
Thank you for watching and for sharing with us. It's great to hear from you!
By the simple fact you watched this video, it's highly unlikely you'll "screw anything up." It says a lot about you and shows just how much your truly care about buying your new home and understanding the process. You're doing great!
What would you like to see next?
Thanks again for watching!
Enjoy an amazing day!
Thanks,
Andrew Finney
www.andrewfinneyteam.com/
Andrew Finney Team Hey can you explain/break down closing costs? Whats paid up front and what gets paid at closing. This hasn’t been very clear for me as a first time home buyer. Thanks so much for the work you do!
BlackRosary81 how did everything work for you I’m nervous as well. Did you have to pay for anything else before moving in . Need to know how much money is needed besides down payment
Congratulations
Thank you so much. I wasn't aware that the mortgage interest rates could change. I will definitely be speaking to my lender about that. Appreciate all the information..
I was told that a buyer should lock in the interest rate, to avoid making large credit purchases and pay offs. Thank you for sharing your real estate knowledge Andrew, it's a big help!
Judith Schenk Yes this is correct I just signed my Closing Disclosures documents and Interest lock rate was one of them!
Good tip on the appraisal bit... Closing on a house in two weeks and I did offer over asking price to win a bid so very much looking forward to the appraisal. I guess I need to slow my roll on calling the house "mine".
My refrigerator has a couch and bed with central air.
You talk fast and I appreciate that it's right to the point. I had no idea about the appraisal. Very informative!
Hi Drew,
Thank you for watching!
I'm glad my quick rate of speech isn't bothersome for you. All the same, I'm working on improving my rate of speech. In my videos since 2019 I've worked hard to improve the overall quality and presentation of the videos.
I'm super happy this video helped you.
What would you like to watch next?
Super excited to close on first house. Closing is 1 week away already received closing documents, It actually came out 4k cheaper than expected for my cash to close. I have so much planned out the day after I move.
Yay, yay! Congrats 🎊🍾🎉
This video is what I needed. Closing in 2 days. Thank you Andrew!
2 more weeks today and we will be completing our closing. Were super excited to be in our first home.
I’m closing on my first house tomorrow! I’m fortunate/lucky to pay cash and not have to worry about lenders and brokers sticking their nose into my business etc. I had the inspector, did my appraisal research and got my trusted realtor opinion and had my attorney delve into the property history deeds to make sure no liens are not on the property. I also know a great trustworthy handyman that does great work. And have an emergency fund! Still anything can pop up but hopefully I’ve covered most of my bases. I was most surprised that my house was only included in a few in the neighborhood that had a Covenant that dated back to 1961 created by the developer at that time. My lawyer advised me to read it and I did several times. None of the covenant restrictions really effect me such as no breeding farm animals, no building the house higher than 2 1/2 stories, having people actually living in the yard in tents or shacks or signs that have an offensive nature. The covenant( antiquated as it is) can be altered every 10 years but I don’t think it’s even enforced even though it could be in very rare instances, the developer is probably dead by now.
I was surprised that the interest rate can go up after I got pre approved or before closing. Now I know I can ask for a freeze on the interest rate. Thanks for the information.
Never knew I could sign a contract for the appraisal difference. My agent never informed me. But my closing is tom. And I did pay the difference of 7,000.00 wish I saw this video earlier
Andrew, thanks for your service. As a disabled Vet, in the Dallas, Tx or DFW area. The price shock, of over bids, the docs needed to provide than when I purchased my 1st home 22 years ago.
The most helpful that I am not finished with homework, I will be researching the permits, etc more. Thanks for the tip!
Somehow, our appraiser said the house was worth more than listing price. Listening to this, I guess that's really rare and I'm greatful we found that deal.
I really hope the appraisal for the house we are trying to buy ends up at or above listing price! I’m a little nervous about it appraising for less 😬
Hi Andrew,
Thank you SO much for the video.
I'm closing on my home on Friday. My "trusted real estate" agent informed my contractor to prepare the bid to exclude the permits because we were dealing with financial constraints.
Thankfully, I went around surfing the internet for some things I was personally going to work on in the house and discovered that permits had to been pulled for certain types of work (I.E. Electrical and plumbing.
Thankfully I discovered this and won't have to run around like a crazy person because if I would have endedup being responsible for those permits including any and all work that would have to be performed in order to bring those items up to code.
This is ALOT of great information that your sharing; I hope folks are taking notes.
Hi Derrick Cole!
Thank you for watching and for sharing with us!
Very glad you found this video so you know what you were getting into with your new house. Yay!!
FYI... I go live every Wednesday at 10am PST to answer questions. =)
What would you like to see next?
Thanks again for watching and for commenting!
Enjoy an amazing day!
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
First and foremost thank you for your service. As a fellow veteran I greatly appreciate you brother. Secondly, thanks for making this extremely informative video. Some things I knew and some I didn't. Thankful for that. Thumbs up and a salute to you!
I'm currently in escrow, closing date is set for 6/28/2019, I would be highly disappointed if the interest rate goes up before I can close.😒
10 days till closing and so anxious! Waiting for the appraisal report and final underwriting. You've calmed me a bit. Thanks.
Let me know how it went! Fingers crossed! We are closing in August. Freaking nervous as hell.
I'm sure you've heard this before but has anyone ever told you that you look like the Famous Actor, Matthew Damon? I digress. Thank you for the great video! It was very informative.
Most important that a soft pull several days before closing. Thank you.
I'm super happy you picked up on that Jennifer!
What would you like to watch next?
Sending you positive mojo for an incredible day my friend!
I can’t believe I forgot to Thank you for serving our country!
Thank you Andrew for this and many of the other video. The whole, keep your income to dept ratio consistant was definitley very helpful here. I had a dozen things lined up to purchase before closing but unpon learning of the soft credit pull I will definitely hold off on those large ticket items until those keys are in my hands.
Hi Fong Yang!
Thank you for watching and commenting.
Your quite welcome. =) Super stoked this video hit the mark for you! Yay!!! That's a very smart move my friend!
What would you like to see next? FYI... I go live every Wednesday at 10am PST to answer questions. =)
Thanks again for watching!
Enjoy an amazing day!
Thanks,
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
Hello andrew, First i like to thank you for your military service. i also want to thank you for your video. Is refreshing and one thing that caught my attention was the permits and the recording of the deed. it is important to double check on that in case the attorney forget to do it. Thank you. Sylvia Fragoso.
Hi Sylvia Fragoso,
Thank you for watching and for sharing your favorite parts of this video with us. It's great to hear from you!
Your absolutely right! It's always best to double check everything!
What would you like to see next?
Thanks again for watching!
Enjoy an amazing day!
Thanks,
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
The fact that we closed and received 24 dollars instead of the 1200.00 we were told. We did VA put 500 down paid appraisal, home inspection and did not get it back at closing.Seller paid all closing cost. Felt like we've been had. Not happy at all. Lender have sorry story about taxes which made no sense to us.
Great information! Very informative and accurate. What surprised me the most was the fact that the offer made could change based upon the appraisal. This could result in great disappointment for both the seller and buyer!😮😮
Thank you for watching Rodney! Sending you positive vibes everything goes your way. Peace be with you.
This was awesome the thing that interested me the most was about the building permits. We will be checking that out. Thank you
Found this helpful, due to the fact that your knowledge on buying large items until you completely close on home. Thank you!
My city has a database of lot information and my property had one less bedroom listed that when we bought it
Oh Wow Mando!
I've noticed that occur in the Las Vegas real estate market too! Sometimes the data a builder provides the recorder's office is wrong.
In such a case, a realtor can often send notify their local realtor association to correct the discrepancy. Sometimes an appraisal might be needed first.
Sending you positive vibes everything is going your way!
On a side note, if you're curious about what's happening in the current real estate market, here's a link to my newest video: ua-cam.com/video/reaGPfUQJ5I/v-deo.html
I had the best experience with new American funding and my loan officer Terri karch. The closing day, however, the seller still had not moved and needed until 3 pm and I took possession of house at 9 am closing. He left house a mess and I had to clean up. Just know that some people don't bother to clean up the house after they moved out.
Former HM2 buying my first house. Thank you so much devil dog for all your help! Oooorah!
Our closing date just got pushed back but only a day.
Why was that and how did everyone manage to salvage the deal? Just worried this may happen to me, seems the seller attorney is taking their sweet time
I didn't know that if the house appraises lower than the contract offer, that you can't get approved for the amount of the original offer.
Closing on my first house in less then two weeks very nervous 😟 yet existed wish me luck people !!! Thank 🙏 you Andrew very helpful video God bless you sir appreciate your work !!!
I don't typically comment on social media but THIS IS ALL GREAT ADVICE AND/OR GREAT REMINDERS.
Why does buying a house have to be so crazy? My wife and I are expecting to close on Oct 1st. Doing appraisal and negotiations right now. It’s a zoo!!
it will be really shocking to get a surprise on the interest rate cause it will impact the monthly payment after you have made your budget based on the estimated payment and I think most of the times it will be higher rather than lower
Sometimes it can be lower, ours came in lower. Which is great!!
Andrew, thank you for the video. The more I watch the more I know about home buying process. The more I know the more complex it seems. I am getting ready to buy a house (I hope in a couple months), all information you provide is interesting and at the same time is important to know. I am a little scared that I may forget something when it is time. Learning a lot from you. Thanks, great video.
Hi Irina Delong!
Thank you for watching and your very welcome! =)
Sure! The makes a lot of sense. Just know that you aren't alone. By watching these videos you are already far more prepared that the average home buyer and know considerably more than you might think right now. Keep watching, learning, and taking notes.
Anytime you have any questions simply let me know. I'm happy to make more videos to answer your and our community's questions. 😀
In the meantime, would it be helpful to you if I help you find a top agent in your area? If so, please email me directly at: Andrew@AndrewFinneyTeam.com
Looking forward to hearing from you soon.
Enjoy a great day!
Thanks,
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
question: Earnest money deposit, we wrote a check for $2k. Will we get that money back, or will that go towards the closing costs? We plan to use that cash for that fancy stainless steel fridge! crossing fingers...
It usually goes toward down payment or closing cost
You sound so friendly and your vibes are amazing, you're funny without even trying and most importantly you're out here helping a lot of us out here! I wana say thanks and wish you luck, its amazing to see how much you're channel it growing!
Much love, subscriber from Arizona 🔥
Thank you so much Eduardo!! I just had another amazing opportunity to chat with one our local UA-cam tribe family. We'll be working together soon. Super excited!
Thank you for you positive mojo my friend. It really means a lot to me!
What would you like to watch next?
Question??? Is a bad thing if I used my credit card even to get gas went I am on the process of getting the house.
Thank you for your time
Good question Mario. If you are using your credit card as you normally would and the usage fits your normal credit balance from the time the loan officer issued you a pre-approval letter, you should be ok.
That said, it's always best practice to simply call your loan officer to verify any financial considerations you might have.
I hope this helps. Sending you positive vibes everything goes your way!
Thank you! very informative video. I never knew to ask about building permit on extensions. Now i know, will be checking on it. Thank you again!
I didn’t know they do a soft credit pull at the end!!
Hi Andrew we’re CTC and wired closing costs ok. Waiting for the signing day we hope it will run smoothly until then . Do you think we still have to worry about getting the townhouse ? Same credit no major issues and have some $ left for emergency . Thanks a lot for your video it’s very informational and direct to the point where we need it most !
On the topic of the county assessor having a discrepancy...
*screams in former county assessor* CHECK. YOUR PROPERTY RECORD CARDS. BEFORE YOU BUY. Do not buy a house, realize the property is in worse shape than you thought because you didn't get an inspection, and then get mad because the county assessor had that info all along, but YOU didn't come check it out. Yes, I'm speaking from experience. Someone got mad at us because, had they just done a little homework on the property, they would've saved themselves some trouble.
We also had someone furious with US because the home they bought had back taxes owed on it from the previous owner, who didn't bother to let them know this, and apparently neither did the title company or anyone else? As in, they likely had a potential lawsuit on their hands because they were not told, but it would've also been so, so easy for them or someone working on their "team" to look into that. But, no, as usual, it's the assessment office's fault that the owner owed back taxes, didn't tell you, and the title company you used sucked.
But ALSO, if there are discrepancies on your PRC, talk to the assessor. Like, immediately. At appeals time, you might get the assessed value lowered if there's stuff up with it that the assessment office doesn't know about. Condition issues, or maybe the assessor has you as having 3 bathrooms when you only have 2. That makes a difference.
Important- permit check, keep spending normal, no drastic changes/additions.
Shocking- locked interest rate can change that close to final closing
Yes the mortgage interest rate changing right before closing. Shocked
Thanks Andrew for all your advices. This is very helpful.
My pleasure Mustapha!
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Scheduled to have title transfer in 1.5 week. Walk through in 1 week. I'm irritable. I'm doing it by myself and there are a lot of moving parts! Trying to schedule appts for estimates, prioritize repairs and changes like painting and still do my job and maintain my current house is wearing on me.
Thank you Andrew for all your priceless insight and advice. Hoping to soon close on a out of state forever home!
Hi Vincent Gumatay,
Thank you for watching and for sharing with us!
Check the show more description of this week's live stream timeline for the minute marker giving you a shout out: ua-cam.com/video/z_uFEv2o7b8/v-deo.html
Congrats on getting ready to close on your new out of state forever home! Super excited of you! Yay!
What would you like to see next?
Enjoy an amazing day!
Thanks again for watching and commenting! =)
Chat soon,
Andrew Finney
www.andrewfinneyteam.com/
Should a buyer plan to extend the home warranty beyond a year? I have an older air conditining unit that couldn't be tested due to winter and I'm nervous. Buy the supplemental home warranty coverage?
To Irina,
Don't get overwhelmed and find a house you love and go thru the process. everything might go smooth for you. Just make sure you add those contingency to the contract in case you have to pull out of the purchase. Happy hunting!!
Thank you for chiming in Sylvia Fragoso!
Great advice!
Thanks again for watching!
Enjoy an amazing day!
Thanks,
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
All info is good for first time buyers.
I’m buying my first home and there is an issue with the building permits. The seller has agreed to fetch these permits however, I’m afraid it won’t be in time for closing and I’ll have to walk away from the home.
Thank you, Andrew, When you get a chance can you please talk about a final walkthrough for brand condo- list of items to look for- by the way I learned so much- Thank you.
Who request the cashier check from the ban? The lender? Or the buyer, hey give $0000000000 cashier check I am buying a home
? My research says the lander request the cashier from the bank and it’s made to the agency? But Is the internet telling me the truth?.
Hi Monica,
Thank you for watching!
Great question and I'm super happy you asked!
In short, AFTER your purchase offer is accepted by a seller, the title/ escrow officer will send you wiring instructions to make your earnest money deposit. You MUST call the title/ escrow officer PRIOR to making your wire to ask him/ her to verify the account and routing information.
Here's a couple of videos I've created to better help out on this topic:
Livestream about wire fraud - ua-cam.com/video/HSB5pHnWNx0/v-deo.html
Wire Fraud Alert - ua-cam.com/video/ubi1uTkj0yg/v-deo.html
What would you like to watch next?
So have a situation here. Lender mislead me in signing loan disclosure with discount points included ( he did not go over this as an optional item). I'm very close to closing and when asked about it, he tried to give the run-around about how I signed the document). I refuse to pay 5k in points. What are my options?
Wonderful information! Thank you so much!!
There was a house I loved and was in the process of closing on. Appraisal results kept getting delayed which was not a good sign. The results finally valued it at 100K less than our agreed upon purchase price and there wasnt anything I could do about it as I went in on an FHA with 0 down. I was sad for me AND the sellers. They were pretty much going to make nothing off the transaction. We canceled escrow and they took their house off the market :(
Oh wow our realtor said if the house we want appraises for less than our offer/asking price, we will pay for our own appraisal to get 2nd opinion for lender! I’m really hoping it appraises at or above asking, but I’m definitely a little nervous 😬
We want this exact info for a new build please
Thank you for all of your informative videos. Hi Andrew! I’m going though the process as a first time buyer. So far so good. What is your perspective on buying a house with previous foundation work and new recommendations from a structural engineer? Seller has agreed to pay for repairs but I’m a little bit nervous!! I’ve done research and watched tons of videos! I subscribed to you after I would select a video and it was you on it! Great info you’re putting out, keep it up! Thanks.
Hi emagjine,
Thank you for watching and for sharing with us!
Please forward to minute marker- 61:15 in this week's livestream: ua-cam.com/video/_ahFDFELy-g/v-deo.html
What would you like to see next?
Enjoy an amazing day!
Thanks again for watching and commenting! =)
Chat soon,
Andrew Finney
www.andrewfinneyteam.com/
If you do an inspection an you pay do you need to pay second inspection or is included from the first payment
Closing in 3 weeks ..so ready for the process to be over!!!
Thanks so much for your videos. They are very helpful for me as a first time home buyer
Hi Jamie Beth,
Thank you for watching and for sharing with us. It's great to hear from you!
I'm super stoked you enjoyed this video and are enjoying my channel!
What would you like to see next?
Thanks again for watching!
Enjoy an amazing day!
Thanks,
Andrew Finney
www.andrewfinneyteam.com/
Andrew Finney Team
I would love to hear your take on walking away from a sales contract after a home inspection....from a realtor's point of view. I recently did this because the home needed many costly repairs which I didn't feel comfortable doing, and I feel as if my realtor is a bit upset with me.
Thanks, great tips. I learned a lot. Our appraisal is this Tue!!
Ive asked for paper copies for repairs made to reduce issues w the home warranty. Thoughts on coverage w home owners insurance, home warranty and the supplemental through utilities company? I had waterline damage due to tree roots and it was covered 100% through the utility insurance.
Thank you for your advice, am closing today!
Process of selling thank you
The best video that explains it!
Thanks for the info. As you know we are barely making an offer, and this really helped me learn what to expect
Exactly what I'm going thru is this lower appraisal now everybody acting dumb!!! It's annoying and this whole process is totally turning me off!! From 279,000 to 270,000 smh ok so I'm hearing the seller gonna do the 6k and I'll do the 3k so what's the problem???
Looking for a home... so appreciate your videos, I am subscribing
Closing on a SFH what DATES are better to close?
What surprised me most is the house 🏡 not being yours until it records with the city.
It's procedural and usually occurs the same day as funding. Great observation btw. I'm super excited for you! 🤩
@@AndrewFinney Great to know, thank you for the educative video!
Your videos are GREAT!!!!!! I’m in the process of buying a house in IL. I saw the federal government lowered the interest rates last month. If I already got pre-approved, at time of closing, will my final interest rate be lower or is the rate I got on pre-approved documents final?
This video was very informative. I learned some interesting facts such as the mortgage rate lock-in - very helpful since I plan on making a purchase soon. Along with second credit check - this just happened to us.
Hi Odete Goncalves,
Thank you for watching and for sharing with us! You're a rockstar!
Gave you a shout out or few in today's live session. Yay! Here's the link: ua-cam.com/video/Mo-Jh6qdbwI/v-deo.html
Hopefully we'll catch up in the next live session. I go live every Wednesday at 11am PST.
Thanks again for watching!
Enjoy an amazing day!
Thanks,
Andrew Finney
www.andrewfinneyteam.com/
My realtor and I haven’t been on good terms. Since my last lender fired him. Now I ask for a final walk through and he said he’s busy that he could do the walk through the next day after my appointment with escrow to sign the docs. I don’t feel comfortable with that because the seller promised to repair the AC unit and the water heater. What should I do?
JVM Design
what happen next ?
New subscriber and love your videos. I have learned a lot 🙏
Thank you Tec, welcome aboard! I'm glad to hear my channel is helping you. =)
Sending you positive vibes everything is going your way!
On a side note, if you're curious about what's happening in the current real estate market, here's a link to my newest video: ua-cam.com/video/reaGPfUQJ5I/v-deo.html
Very informative...thank you.
Great pro tips. Its much appreciated! our closing date is 2wks away...
The rate can change before closing that was helpful
Great video Andrew!
I did not know there could be changes in the mortgage rate right before closing even if we rate locked.
Hey Nicoleta!
Always great to hear from you my friend!
Quick heads up... If you've rate locked, your rate should not change.
Perhaps I wasn't as clear as I should've been in the video when I mentioned that rate could change.
Key Point:
1. IF a buyer DID NOT rate lock before the last week of closing, then the rate COULD BE different than the rate the lender used for the loan pre-approval process to provide an estimated monthly mortgage payment amount.
The reason I mentioned that in this video is I've found, in real estate practice and from questions from our growing tribe on UA-cam, that buyers sometimes think the rate a loan officer uses to provide an estimate for monthly mortgage for loan pre-approval purposes or specific questions about a property is the actual rate they are getting. Rates are constantly changing and not definitive until the rate is locked.
It was my goal to ensure buyers have transparency in the process and ideally alleviate any confusion and to ensure a buyer knows to have the conversation with their loan officer to time their rate lock to get the best rate possible. Ultimately it is best practice for a buyer to be in strong communication with both their lender and their real estate agent to ensure any questions are answered promptly.
My deepest apologies for any confusion.
I'm super happy you chimed in on this video and asked Nicoleta! Thank you. I'll add to my list of videos an updated closing process video. =)
Wishing you an amazing day!
Andrew Finney Team thank you and no problem Andrew.
You are still our favorite realtor and we love your videos :)
Hi Andrew , excellent video(s) but his one in particular because you mention the soft pull right before closing. I am wondering if an new inquiry not a new trade line on the report will hurt my approval and ability to close? By the way , I just subscribed to your channel. Thanks!
Thanks for this video. I never knew the rate might still change.
Glad to help Favour Grace!
It really depends on when you rate lock. Some people wait until the end of their closing to lock their rate thinking it will be the same as when the loan officer provided them an initial estimate of their monthly mortgage.
Best practice here is to get in touch with your loan officer and ask them about locking your rate along with any suggestions they have for timing the market to get the best rate.
Hope this helps!
What would you like to watch next?
hi, Andrew!
do you think buying a car in cash is a problem before the closing date?
Hey Paulo,
Thank you for watching and commenting! Great question... In short, is shouldn't impact you as long as the money your using to pay cash for your car DOES NOT come from your down payment and buyer closing costs money needed to close on your new home.
If the cash purchase of your new car reduces your total funds available to a point you are unable to pay your down payment and buyer closing costs, you could very realistically lose the house and your earnest money deposit at the same time.
Please be careful Paulo and review your financial situation/ plans with your loan officer to ensure you don't do anything that could jeopardize yourself. Get the house first, then the car. After all, you'll need a garage for that car, right?
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@@AndrewFinney thanks for answering. Today is my closing day! Can you guess if I'm nervous? Thanks for all the great content!
The building permits was useful information
I'm on the way get new house thank you Andrew . I'm scared
Its 10 am and I'm suppose to close at 1pm and I still have not been given final cost to bring.....
Hi ekkla 85,
Thank you for watching! Wow! Please call your loan officer and title officer to get the final figures to close.
Ideally, you would've received an estimated settlement statement and you should've received your closing disclosures from your loan officer 2-3 days ago which would show you the total amount of a"cash to close" to needed.
Sending you positive mojo everything goes well for you today! Congrats on your new home! Yay! =)
@@AndrewFinney I did and I was told yesterday it's out of his hands i have to wait on a email from title company
Thank you so much for your tips! My closing day is two days away and I am very anxious. Your video calmed me a lot. I have just finished the "final walk" today and I have just realized that the home doesn't have a security system (it didn't show up in the inspection report). The previous owner lived there for 30+ years and never had one. Sure, it was a nice neighborhood but still shocks me. Maybe a security system is not even necessary?
ctrlsoul you can buy a decent security system that’s real easy to install like Ring or Arlo at a reasonable price these days.
The thieves will be in and out before the police even get there....
A good dog and a shotgun is the only security system I need. Security systems are scams for paranoid people imo.
Hi Andrew, my title company said that they are going to distribute the money to the seller first and then record our deed? Is it normal? Also, I asked them for a copy of closing documents and they said they normally don’t do that. Should I get a copy of my closing documents? Thanks!
Hi Fayfay! Thank you for watching and for your excellent question!
To be honest, I have not heard of the seller receiving their funds prior to recording the property. In Las Vegas, NV the file is recorded first then disbursements are made.
Additionally, the escrow/ title offer will generally ensure you have the opportunity to review what's called an "estimated settlement statement" prior to signing your final closing documents.
Best practice here is to get with your Realtor and have them reach out to the escrow officer to smooth out your closing.
Sending you positive vibes everything goes your way!
@@AndrewFinney Thanks, Andrew! We closed today and hope I watched your video earlier.
👍 up.... Very helpful, thank you!
Hello can you tell me as the buyer should I have an attorney present at our closing? Thanks!
Hi Kim T,
Hi Keith Jones,
Thank you for watching and for sharing with us. It's great to hear from you!
Whether you reside within a state that requires attorney oversight or not, you should do what you are comfortable with and what give you peace of mind. Having an attorney with you is always an option.
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Thanks again for watching!
Enjoy an amazing day!
Thanks,
Andrew Finney
www.andrewfinneyteam.com/
Yaaass Andrew! Thanks for this video
My credit score has gone up 58 points from the pre-approval to now. We haven't received the cd yet can our interest rate drop?
What should I expect on my appointment with escrow? Under writer has approved me like 5 days ago. I have signed locked my interest rate and did my walk trough. My lender said I can get me keys tomorrow 8 hours after the papers have been signed with escrow. Any recommendations? Have they ran my credit and verified my employment for the second time already or will they do that in the appointment tomorrow? Thank you