When you’re ready to buy a house, you need to know how long the process will take. After all, you’ll have to budget for closing costs and possibly sell your existing home. All of this can be time-consuming, so mapping out a calendar can be helpful.
Read on to learn how long it takes to close on a home!
Your Method of Payment Impacts the Closing Process
Are you paying your closing costs in cash? Are you paying for the entire house in cash? If you’re wealthy enough to go that route, the closing could be a very fast process.
If you’re applying for a mortgage, however, that process can take longer. You’ll need to undergo credit checks and gain approval. Your real estate agents may have preferred lenders, too — or you may need to shop around to find the best rates.
It can take a week or two for the mortgage loan closing process to wrap up. Expect to sign a lot of paperwork on the closing day!
Account for an Inspection when You Close on a Home
Before you agree to move forward with the sale, you’ll want to get an inspection of your home. This is a key part of the process where you’ll get the HVAC system, roof, and other parts of the home evaluated by a certified professional. Don’t skip it!
If the housing inspector indicates that there’s a leak in the roof or faulty pipe, you may be able to negotiate with the seller. In other words, you may be able to get them to pay the bill. After all, they’re hoping you’ll go through with the sale.
Don’t Forget About Insurance
Signing on the dotted line for insurance can impact the timeline for closing on a house. You’ll want to get quotes if you’re a first-time homebuyer. And you’ll need to determine if you can afford it plus the mortgage.
Your insurance costs can go up depending on the extras you choose, too. These are called floaters, and depending on the age of your home, you might want to get them. For instance, sewage backup protection or earthquake protection could save you thousands of dollars in an emergency.
The Homeowners May Have a Specific Timeline
What’s another element that can impact the closing process? The current owners could want you to conform to their timeline. If they’re waiting for their new home to open up, they’ll want to hold out until then.
If you’re selling a home and you’re concerned it won’t pass the inspection, there are other options. We buy houses and are very willing to take your house as-is!
Enjoy Your New Home
When you close on a home, you gain the keys to a new property — and new adventures. With the right real estate team, you can move through the process quickly. Just be sure to get everything in writing and keep tabs on when you’ll need to book the movers.