Closing Time: Everything You Might Need to Know
Buying a new home is a huge life moment that can be a mixed bag of excitement as well as stress. But no matter what you are feeling, closing day marks the end of one journey, and the beginning of a new one, as a homeowner. That is why we’ve compiled this list of things to think about to help this life-cycle moment go more smoothly and to get you prepared for the big day,
Review Your Paperwork
Before you walk out the door to sign the dotted line, it is vitally important to go over all the papers your lender has sent to ensure you understand the process and bring along everything you need. To begin, your lender will issue a “Clear to Close,” statement that will confirm your closing date. Once you are aware of the date, it is time to review your Closing Disclosure. It is important you understand that you will need to acknowledge that you have received this at least 3 days prior to close.
Your Closing Disclosure, C.D., informs you how much money you will need to bring along. In general, you will need an amount for a down payment and any closing costs. Additionally, your C.D. will tell you your monthly mortgage rate and when the first payment will be due. Make sure that before you send any wire that you verbally speak to the title company or loan officer to confirm the wiring instructions.
Leave No Stone Unturned
Before you sign the dotted line, meet with your real estate agent or loan officer a few day in advance. These individuals go through the closing process all the time and can answer any questions you might have. Discuss with them and familiarize yourself with the process until you feel comfortable. In addition, take a walk around the grounds of your soon-to-be new home with them and double check that the condition of the home is as you expect it to be.
Create a Final Checklist
Make a list of things you want or need to bring so that there are no surprises. Be sure to include on this list your driver’s license, a smile you’re a homeowner now, and unless you are wiring the funds directly, a cashier’s check payable to the title company; keeping in mind those amounts detailed on your Closing Disclosure.
When all is said and done, there very well could be things that you are unable to prepare for. Take a deep breath and remember that closing is an exciting, but understandably complicated moment. When in doubt, trust your real estate agent or loan officer and communicate with them to overcome the unexpected obstacle. Remember you buy a house, but only you can make it a home, so relax and enjoy!!
Do you have questions? Our dedicated team of Loan Officers are ready to help you on your homebuying journey, regardless of where you’re at. Contact us today to get the answers you’re looking for!