When you decide to buy a home, it won’t be long before you’re dreaming of the day when you finally move in. However, before this can happen, you need to go through the closing process.
While this sounds simple enough, there are a few things you must do in order to prepare. Here are some tips to keep in mind:
- Review your HUD-1 settlement statement to ensure that you understand your mortgage payment, loan terms, closing costs and other important details
- Complete a final walk through, as you want to make sure the home is left how it was agreed upon
- Collect all the necessary documents, such as your homeowners insurance policy, a copy of your contract, photo ID and anything else the bank requires
You are probably putting money down on your home, so you need a clear idea of how you will bring this money to the closing table. In most cases, a cashier’s check is the way to go.
These are just a few of the many things you can do to prepare for your home closing. While this sounds like a lot, when you give yourself enough time, everything will eventually come together.
Once you have everything in order, you can consult with your real estate agent to ensure that you aren’t overlooking anything of importance.
If something goes wrong before the closing or once you sit down, you need to take a step back to process the information. You may be best off delaying the closing for the time being, as you learn more about your legal rights as a buyer.
Source: Realtor, “The Closing Process: What Home Buyers Can Expect on the Big Day,” accessed Dec. 12, 2017