Your offer is accepted, and it’s time to close! This is an exciting time for every home buyer, but it can also feel like you are navigating uncharted waters. The closing process tends to be a confusing one for buyers and sellers alike – they know it’s the final step in the home purchasing process, but they don’t know exactly what to prepare or what is involved in at the closing. When you dedicate some time to intentionally preparing for your closing, you can streamline the whole process and speed up your moving timeline. Keep reading to learn more about closings and what you need to prepare for the big day!
Complete Before Closing
You found your dream home and your offer was accepted, now is the time to get to work! The average process to get to closing takes 41 days (Dave Ramsey), and before you walk into your closing meeting, there are several important items that you need to complete.
- Schedule and complete a home inspection
- Schedule and complete an appraisal
- Secure financing with your mortgage lender
- Get homeowners insurance
- Schedule final walkthrough
These five items are necessary to close on your home. You will work closely with your real estate agent and your mortgage lender during this process, and the more prepared you are, the faster you can move through each item.
Prepare for Closing
Now that you have completed your prep work, you can set your closing date and receive your final Closing Disclosure. “This form lists all final terms of your loan such as closing costs and the details of who pays and receives money at closing” (Dave Ramsey). Review these forms closely, and whatever your final closing costs are, you will need to go to the bank for a cashier’s check to cover this amount. Other than your closing costs, you will also need to bring a valid photo ID and any outstanding documents for the title company or mortgage loan officer.
It’s Closing Time
Closing day is here! You have done a lot of work to get to this point, so prepare to celebrate after the meeting. The title company representative will walk you through the forms you are signing – there are a lot of forms. Be sure to listen closely as you walk through each item and ask any questions to make sure you have full clarity on what is happening. Once the paperwork is completed by the buyer and seller, the house is finally yours!
If you are in the market to buy or sell a house, we are ready to guide you through the entire process. Contact us today to get started!