Closing the Deal
After the final offer is accepted and we have a contract in hand, it takes about a month before closing on the home. Here's what goes on during that final month:
Get loan approval.
As soon as you have a contract, we'll call your lender and let him or her know it's time to get final approval on your mortgage. If you followed my advice and were pre-approved for your loan, most of the work with your lender is already done.
Get your insurance.
You must have homeowner's insurance in hand to close on the home. Call your insurance agent with the information on the home and your lender (who will be a co-beneficiary of the insurance) as well as your closing date. If you don't have an insurance agent, I can recommend reputable agents who will help you.
Get your down payment.
Make sure you have access to the funds you're using as your down payment. You'll need to pay this amount at closing.
Get ready for closing.
You don't want surprises at closing, so I'll make sure you're familiar with any additional costs you'll need to pay (or add onto your mortgage) at closing. These include points (which you will have already discussed with your lender) and any fees (appraisals, inspections, a credit report) or other charges incurred by your lender. At the closing, we'll make sure to bring a cashier's check for the down payment and closing costs, a copy of your homeowner's insurance policy and any other documentation required by your lender.
Closing on a home can be confusing and stressful, but I'll be there to walk you through it. If everyone has prepared properly, there will be a flurry of signatures and documents, checks will change hands, and before you know it, you will be holding the deed and keys to your new home.
Choosing and buying a home is one of the most important decisions in your financial life, and it's important to have a professional on your side to save your time, money and sanity. Contact me today to get the process started.