Buying a home is exciting and nerve-racking. It can take weeks or even months to find the perfect place, but when they finally do, prospective homeowners then face more waiting as the homebuying process unfolds. After submitting an offer and an earnest money deposit, finding a way to pay for the dream home is the next obstacle to overcome. While many homebuyers pay cash, the majority (66%) finance the purchase through a lender. For them, securing a mortgage can be time-consuming and tinged with uncertainty until the moment the keys are turned over. Lots can go wrong during the process of completing the transaction that can sideline, or completely derail, the closing.
Related: 25 Home-Buying Myths Debunked