The closing process is the last step you'll need to complete before you can finally hold the keys to your new home. However, in your excitement to finalize your new home purchase, you'll want to be careful not to complicate the closing process. Specifically, there are a few common mistakes you'll need to be sure to avoid as you prepare for your closing date. This way, you can ensure everything goes as smoothly as possible.

Busting Out Your Personal Checkbook

Many home buyers (especially first-time buyers) make the mistake of trying to pay for their closing costs and other related fees (down payment, real estate agent's commission, etc.) with a personal check or even a bank card. Unfortunately, most closings will require payment in the form of a wire transfer or cashier's check due to the fact that title companies need to have instant and guaranteed access to these funds in order to finalize closing transactions. Talk to your real estate agent ahead of time about which forms of payment are acceptable for your closing.

Taking Too Long to Submit Documents

You've already been pre-approved for a mortgage, so finalizing your approval will be a piece of cake, right? Not necessarily. Your lender will still need lots of paperwork from you to fully process and approve your mortgage application, so be sure to stay on top of what you need to submit and act quickly. This could be anything from a pay stub to previous years' W-2 forms. Either way, understand that your mortgage cannot be approved until your lender has all this paperwork, which means your closing will be delayed if you take too long.

Trying to Close Without an Attorney

All too often, home buyers think they can get through the closing process with just the help of their real estate agent. Unfortunately, real estate agents simply don't have the training and experience necessary to answer important questions, especially those related to contracts before signing. Furthermore, a real estate attorney can assist in conducting a title search to make sure the home has a clean title before the transaction is finalized, giving buyers added peace of mind.

Making Major, Credit-Based Purchases

Hold off on making any major purchases, such as buying new furniture for your home or purchasing a new car, until after closing. Otherwise, these purchases could result in a hit to your credit, which could affect your ability to get approved for financing. To find out more, speak with someone like Brandt Law Group.