The last stage of purchasing a house involves the final closing contract. You have spent all the time looking for a home, you have gotten preapproved for a mortgage, put in an offer and now it is time to receive the funds from your lender to go through with the purchase.
It seems fairly simple in practise, but there are some tips that you can remember to help to guide you through the process of closing on a home.
In the final stages of closing on your home, your lender will have to survey and appraise the home that you would like to purchase. If the lender appraiser appraises the home’s value and the legal value to be fair, they will proceed with the final checks of your credit and finance to get you the money that you need to purchase the home. Your financial officer as well as your real estate agent will keep you updated as each of these steps takes place so that you can remain in the loop on your approval process.
While these inspections and final approval processes are happening, leading up to your closing date you can:
1. Work to manage your debt: Try not to make any large purchases, and stay in control of your finances.
2. Keep in communication: Make sure to contact your agent at least once a week and be prompt in replying to paperwork and phone calls from your lender
3. Check and double check: confirm with your agent that there are no problems just a few days prior to closing, by this point your agent will have had time to look at any paperwork and ensure that everything is in order with your closing day.
4. Get the funds: Getting the funds from your lender will allow you to pay the seller on your closing day.
5. Final walk-through: During your final walk-through you will need to check the home to make sure the seller carried out the terms of your closing agreement. Any appliances that were to be left, should be left and it is important to check for signs of damage and other problems with the home before you are in it.
On the day of the home closing, you will have a hectic time with your moving into the new home. Before that can occur, you need to work to:
Finalize your mortgage: Complete any final paperwork that your financial institution requires for you to finalize the mortgage
Pay your seller: Pay the seller as well as the closing cost on the home
Pay agent fees: Many agents will take their agent fees on the day of closing so it is important to have the funds on hand to pay your agent’s commission.
Transfer the title: transferring the title of your home will require the help of a lawyer or notary public. You will also need to legally record the transaction from seller to buyer for public record so that if there are ever any problems you have the law on your side.
By working with an experienced agent, you can work to make the closing process a smooth transition. As an agent that has extensive experience in closings, Carlos can provide you with easy to follow directions that will make the time leading up to your closing and your closing day, run smoothly.