Avoiding Closing Day Disasters of Your Miami Condo Purchase

You just sealed the deal with your Miami condo purchase and are just waiting for the closing date. Then, suddenly, your lender tells you that your interest rate increased by 3 percent while waiting to close. This and others are just some of the worst closing day cost disasters homebuyers meet before owning their properties. Fortunately, there are ways to help you avert or even lessen the chances of these extra fees from popping out during closing.

Talk to your lender

Even though including all information in your application form is the crux of a safe and effective mortgage application, it rarely holds up in the end. Mortgage applications are sometimes at risk of the cursory glances from lenders. So instead of trusting your lender to read your entire application for the mortgage of your Miami condo, don't hesitate to relay the story yourself.

Any weird conditions you met when applying for the loan, even if included in your data, must not be withheld, but, instead, spoken to your lender. This will help you avoid any disaster that may cause you your loan when the time for underwriting and investigation starts.

Never try to cover-up your credit blemishes

If your credit score or report is less than stellar, don't try to cover it up with excuses. While it's embarrassing to reveal such imperfections, it will be the only way you can get the accurate price quote. Remember that lenders usually check your credit more than once. If your lender misses out something during the first check and while only weeks away from closing finds out late payments and such, you're sure to have some serious problems.

As much as possible, don't withhold any information, especially late payments, past bankruptcy and others, to your lender. This way, you're lessening the chances of your lender changing the loan amount and interest rate of your Miami condo mortgage at the last minute.

Walk away if necessary

If the unexpected closing costs cannot be prevented, don't be afraid to walk away. Many homebuyers opt to spend their last penny in order to finish the deal. Be a financially savvy homebuyer and walk away from the deal instead of miring yourself in future debt. It is important to have extra cash that will be useful for the first few months of the ownership. If you're at risk of exhausting your bank account for the purchase, break the deal and look for another Miami condo.

Mark Michael Ferrer
Miami Condos