You are days away from closing on your dream home. You have been pre-approved for a mortgage, and you are all set to move in! But there is one more thing you need to do before the final papers go through: prepare yourself.
This blog post will help walk you through the steps that lead up to a successful house closing and what it means for your future as an owner of your new home.
Do Your Final Walkthrough
As a homebuyer, it is imperative to do a walkthrough of your new home as close to closing as possible. This will give you the opportunity to take a final look at your new home and ensure everything is in order. You can also ask any questions about the property that may have arisen since your first walkthrough with the listing agent or seller before locking down the deal.
This could be an uncomfortable conversation, but it’s important for both parties involved to feel comfortable going into closing on their house. This way there are no surprises after closing of escrow when everyone has moved out and vacated the premises!
Know Your Closing Costs
The costs associated with buying a home vary depending on where you live, but here are some common items: appraisal fee, loan origination charges (points), title search fees, attorney fees, notary public services, etc.
The last thing you want to have happened is for you not to have enough money to close on your home.
A good lender, like Gregg Busch, will make it well known how much money you will need to close, but it’s a good idea to have more money than you think you may need for any unexpected expenses.
What To Expect On Closing Day
You will need to go into your lender’s office and sign all necessary paperwork at a set time. In today’s world, it’s also possible that the entire closing process will be done virtually. The title company should notify you about what documents are needed before going in on that day.
Make sure you have a cashier’s check for closing costs. If you’re wiring money, you should make sure that’s done before closing so it clears the lender’s bank account in time. This money goes directly to the seller after the close of escrow as well as earnest dollars if applicable.
You will also need to present photo identification and proof of your social security number, so make sure you have all of that documentation as well.
Read and Sign All of The Documents
The amount of paperwork you will have to sign when closing on your new home can be very overwhelming. Your lender should go through all of the paperwork, but you should also read and understand it.
If you don’t understand something, ask. Don’t just sign it unknowingly. Just remember that this is the culmination of all your hard work and will be worth it in the end.
You’ll get a lot more paperwork than you think so keep one copy for yourself to take home after closing of escrow (you may want to scan or photocopy).
We’re Here To Help
We know closing on a new home can be overwhelming. As you Washington D.C. mortgage lender, we’re here to help you throughout the entire process.