Once you have received your loan approval, next comes the most exciting part of all: becoming the legal owner of your new home! Your agent along with the title company will let you know when you are scheduled to seal the deal and sign the final paperwork.
Before You Close
- Get a home inspection.
- Get a homeowner’s insurance policy.
- Review the Closing Disclosure and make sure any errors are corrected.
- Review any other closing documents, which may come from your lender or your agent.
- Get the final closing dollar amount and instructions for providing payment.
- Wire funds as needed to the title company or have a cashier’s check prepared to take with you for the funds needed at closing.
- Do a final walk-through of the home 24 hours before closing to ensure all repairs have been made.
Doing these things can make the process go a little quicker and will help get you into your new home that much faster.
What to Expect at Closing?
Be prepared for detailed paperwork that can take as little as 30 minutes to as much as an hour to complete. The title agent will review every piece of paper with you, explaining what each means, and you will sign each of them. Do not rush, and if something does not make sense to you, ask. Now is the time to make sure all the numbers are correct, all your contingencies have been met, and all seller concessions have been recorded.
Your agent will probably accompany you, your loan officer, the seller and the seller’s agent, and your attorney may also be there, if you care for legal representation.
If an attorney is not required to be present, you might get one anyway to ensure you fully understand everything you are signing.
If you have already wired the funds to the title company, or come prepared with a cashier’s check, you can get the keys to your new home then and there! When both parties, the buyer and seller, have signed and the closing agent has confirmed, the property is finally yours.
“Having a pre-closing checklist will help you stay on track and keep tasks from falling through the cracks while working to get to the finish line. I stay in contact with my customers and give them the support they need to get to closing. Every closing is a rewarding experience, it brings me an enormous amount of joy to see my customers closing on their new home and starting a new chapter in their lives!”
– Johneese Adams, Mortgage Loan Manager, Fayetteville, AR. NMLS 564275
Still have questions? Contact a lender today!