Thursday, March 22, 2018

3 Things to Expect When Closing on Your Home

Closing on your first home should be a time of excitement, and even relief, knowing that you’re almost at the end of the buying process and on your way to the next step of moving in. But when you have never purchased a home before, the steps involved in closing can be a mystery. What’s involved in your closing? What do you need to do? What if there are any issues?
Here are a few things you can expect to happen when closing on your home:
  1. A Closing Disclosure Form: You’ll receive a closing disclosure form at least 3 days before your closing date. This will help you understand the financial terms of your mortgage, including your mortgage payments, your interest rate, and your closing costs. Be sure to compare this to the estimate your lender gave you and make sure they're similar. You can always ask your lender to explain any differences between your closing disclosure and your estimate.
  2. Final Walk-Through: 24 hours before closing, most buyers will do a final walk-through of their new property. During the walk-through, you should make sure that the previous owner has left the home in the condition agreed upon in your contract. If repairs are included in the contract, check to make sure they have been completed. If there are any issues with the condition of the home, don’t panic! Your real estate professional will be there with you and can assist in resolving any problems.
  3. Documentation: Once you’re ready to sign your closing paperwork, you’ll want to make sure you bring the documents required for your closing, including:
·       A government-issued photo ID. Your ID needs to match the name that will appear on the title and mortgage.
·       Cashier’s check: For your down payment, a personal check won't be accepted.
·       Any other items requested by your bank or lawyer.

Your real estate professional will be happy to answer questions you may have about the closing process. They’re a great resource to guide you through the all of the stages home buying process from start to finish.