The rate your bank quoted isn't good forever because of the mortgage interest rates fluctuations. The banks usually "lock-in" your interest rate for a certain number of days (45, 60 days, etc).
And in the meantime, as your closing process moves forward, some issues that could require the loan process to stop until resolution might happen. To name a few: illegal renovations, code violations, open permits. This issues could take too long to be solved, the days you've been given could pass on, the lock could expire, and consequently, you will lose the rate you'd been quoted and may have to pay a higher rate.
Don't take for granted that your closing process is going to be a smooth one.
If you think your loan is approved after you've completed the application, submitted all the paperwork and have the pre-approval, think it again.
You have to be extremely careful with your finances and make the fewer changes to them because all lenders will dig into your scores, credits, income until the very last minute.
Remember, the most insignificant change to your finances could result in a delay or denial of the loan. So, DON'T make any bold moves like financing a new car, get a new job or apply for a new credit card without consulting with your mortgage professional.
Do you want to close on a home that has repair issues unsolved? No way, right? So, make sure that the real estate contract provides for a walkthrough up to 24 hours prior to closing. That way you'll know for a certain that the seller has made all the necessary repairs and has moved out.
If not, you have all the right to postpone the closing until everything is resolved.
It is your major task to double and triple-check that the seller releases all liens from the title report, closes all outstanding building permits, and resolves any issues with the local building department, assessor or health department, because if the home closes, it will be physically yours with all the responsibilities now at your hands.
Nowadays closing happens in parts, which means buyers and sellers don't need to meet. Seller(s) will sign off on the dead at the title company in advance if they want. You will wire the down payment, the seller will receive the funds electronically. You can sign all the loan documents later with no need to meet the seller (s). Of course, this is more likely if you decide to purchase your home with any help.
If you really want a smooth closing, you need to be at top of things, do all kinds of research and look up for all red flags.
And if you decide to trust in a real estate professional, make sure you have a good one on your side, best if he or she is a part of a solid team, like ours. One that will give you the best advice on inspectors, attorneys, lenders, etc.
Remember, getting as much information as you can at the beginning will help you avoid unnecessary worries