The pre-approval has been completed. Loan estimates have been received and closing disclosures finally settled on. This is it! The purchase transaction on your dream home is next to complete. But the closer your closing gets, the more you might be wondering: how do I prepare all the documents and payments required? How do I seal the deal and land those keys without a hitch?
Preparation is paramount when it comes to a smooth closing. For example, lenders will often time a closing later in the month. From a first-time homebuyer perspective, this helps you get the most out of a previous renting lease or housing engagement. From a cash-flow perspective, the less time between a signing means less interest that is brought to the table at closing!
The good news is that all of the details should be set out in front of you with plenty of time to spare. If all goes according to plan, you should find yourself within your home by the end of the week! Let’s go over the different points of the process that you’ll find yourself moving through.
Be An A-Level Mortgage Borrower
We all know that closing is an enormous commitment, so communication is always key! Everyone involved—the seller’s real estate agent, your lender, and both the buying and selling attorneys—will all plan the closing in advance, so keep in contact and you’ll work through the transaction with confidence!
Ask The Right Questions.
Remember that you have a right to understand 100 percent of what you are closing on. Ask questions until you understand every part of the transaction, and never be afraid to negotiate until you feel comfortable signing on the deal.
Close at a time that’s agreeable and on your terms, minimizing the chance for something to go wrong. Prepare all the required documents for closing ahead of time. That includes closing documents like Homeowners Insurance, two pieces of identification, and methods of payment for down payment and associated fees.
Consider conducting an additional walk-through on the property before close to guarantee you’re getting your money’s worth. Review agreed-upon repairs. After all, you deserve your money’s worth!
Expect the Unexpected.
Always remember—things happen! You might consider bringing an additional method of payment, such as personal checkbook, to ensure smaller fees or unforeseen expenses do not come in the way of making your transaction any more difficult.
And if that little voice inside your head feels like something is wrong or is confused, trust that feeling and speak up! You deserve to enjoy your new home, and closing is the best time to prevent any future foreseeable problems.
If all goes according to plan, after flexing your pen hand and signing several documents, you’ll leave that closing meeting with the keys to your brand-new house!Let us know how we can help with your closing experiences! If you have any additional questions, feel free to shoot us a call at (888)644-1999, and be sure to follow us on Facebook or Twitter!