For most people, buying a home is a big milestone. Homebuyers know that the experience will be different from other buying processes they’ve experienced before, but they don’t really know how different it can be and all the steps necessary for a smooth transaction. The house closing process is likely by far the largest purchase they have ever made, and they can use your tips to move forward quickly.
As an agent who’s experienced a home closing or two, you know that the finish line may not be in clear sight. In fact, while your clients may be giddy with excitement about breezing through closing and moving into their new home, you’ve likely been dreading this part of the process.
Thankfully, closing doesn’t have to be painful, and there are several concrete reasons to invest in a strong closing to help you grow your business and pave the way through to an easy closing.
Benefits of a Quick Home Closing
1. A fast mortgage loan closing gives you time to focus on other activities
Your clients have picked their dream home, and you’re ready to close the deal. The last thing you want to do at this point is go back and forth with your title company over minor details and errors. With a streamlined closing, you save valuable time, which you can then use to find new clients and better support your existing clients.
2. A reliable closing allows you to provide great service
It’s an experience most real estate agents are all too familiar with: you’re meeting with a client who is eager to move into their new home, and you’re missing a piece of information from your title company. You try to find answers to your client’s questions, but no luck. Without answers, you can’t move forward in the closing process and are left trying to placate your increasingly anxious client.
3. A modern closing keeps you ahead of the competition
Nowadays, people are accustomed to accomplishing tasks online with ease and convenience. Piece by piece, the homebuying and selling process is becoming digitized as some sectors of the industry are starting to use technology to provide a better experience for customers and propel their business growth. A modern closing is one that meets customers’ expectations for an on-demand experience and leads your customers to rave about your services to friends who are looking for an agent down the road.
How to Move Through a Mortgage Closing Quickly
Getting ahead of any hiccups before a closing is the best way to speed up a real estate closing. Here are some thoughtful recommendations you can make to your clients to set them up for success before you get to the signing table.
Get a Preapproval Letter
Getting a preapproval letter from a reputable mortgage lender helps in the buying process, especially when it comes to finding a home that’s within your client’s budget. This is the first step to a fast closing mortgage.
Get All Paperwork to the Lender Quickly
Urge your clients to get their paperwork to the lender for a quick close. Lenders will want a lot of information from the last two years including paystubs, W-2 statements, bank statements, alimony and child support payment information, and more. Get it to them quickly to make sure they have everything they need.
Make Sure Title is Clear
Get a Preliminary Title Report to see what might need attention before the closing to avoid any delays.
Don’t Make any Lifestyle Changes
Consistency is key! A lender will see a red flag if your buyer changes jobs, makes a large purchase, or there’s a change to their credit while going through the process.
It can take an average of 49 days to close on a home purchase loan but passing down the above tips can speed up the process, so your buyer is one who benefits from a fast mortgage loan closing in 30 days or less.
A Digital Closing Can Improve the Homebuying Process
As a real estate agent, you’re busy researching listings, staging and showing homes, generating leads, working with clients, and more. With such a jam-packed schedule, it can feel daunting to think about spending time improving a part of the homebuying process. By setting expectations with your buyers up front about the process, you’ll be investing in a strong closing that will give you time savings on every transaction. You’ll be able to use that time on what you do best: supporting your clients in their homebuying journey. The ripple effect of a strong closing is huge. By being freed up to provide high-touch service to your clients (and saving them from the frustrations associated with the traditional closing process), you’ll generate more referrals and repeat clients.
By working with a technology-forward partner like Doma that eliminates the problems that come with manual and outdated closing methods, agents can tap into the benefits of a strong closing and grow their businesses. Visit Doma Close to see more!
To learn more about how to deliver a closing experience that meets customers’ growing expectations, download our Executive Brief “Deliver a Modern Homebuying Experience.”
