By admin1
The day before closing
Prepare for a busy day — this is truly your last chance to tie up any loose ends.
Take a final walkthrough
This step is especially important if you requested any repairs following the home inspection, but a final walkthrough should take place regardless of any negotiated changes. This is your opportunity to ensure that the home is in the agreed-upon condition and that you won’t make any unexpected discoveries once the keys are in your hand.
Review your loan documents
By now, your loan should be finalized and ready to go. You can ask your lender for all the documents and review those carefully if you haven’t done so yet.
Triple-check closing details
Again, make sure you’ve confirmed the address (or meeting link) and time of your closing. If you’ll be arriving by car, make sure you know how long it’ll take you to drive there, and don’t forget to account for traffic.
If you’re dialing in virtually, ensure that any necessary software, updates, or apps have been installed on your computer and are functioning properly. Plan to dial in a few minutes early to allow for technical hiccups.
Triple-check your funds
Do you have your cashier’s check or proof of wire transfer ready for your down payment? If not, now is the time to make sure everything is in order.
Compile your documents
Grab a folder and make sure you’re ready to go with the following:
- Photo ID (this must be a government-issued ID, such as a driver’s license or passport)
- A copy of the sales contract (if you and the seller went back and forth a few times, make sure it’s the final version)
- The aforementioned cashier’s check or proof of wire transfer
- Proof of homeowner’s insurance
- Your copy of the Closing Disclosure
On closing day
The moment you’ve been waiting for has arrived! Gather all the paperwork, ID, and funds needed for closing, and be prepared to review and sign the final documents. Once everything is complete, you’ll officially be a homeowner.
Bring all your documents
Remember the handy folder you put together yesterday? Give it a final flip-through to make sure you have everything ready to go.
Be ready to read
If you’re closing with a real estate attorney, they’ll probably go through each document in detail, but be ready to read and review lots of paperwork today.
Understand your escrow
By now, you’re aware that your mortgage payment involves more than just your loan principal and interest. There are also property taxes and perhaps even mortgage insurance to account for, and while these are likely rolled into your mortgage payment, you must understand exactly how this works and when you can expect taxes and insurance payments to be made.
If your home is part of a homeowner’s association (HOA), clarify how those fees will be paid, too. They aren’t typically included in your mortgage payment, so find out when your first payment is due, how it should be paid, and for how much.
You’re done!
At last, the home is yours. Feel free to take a breath before you begin the next big phase of moving in.
While major concerns were likely addressed at the closing table, if you do find yourself facing any questions in the days (or weeks) following closing, don’t hesitate to reach out to your real estate agent, lender, or the official who facilitated your closing.
Header Image Source: (Terrillo Walls/Unsplash)
