The countdown to moving into your new home has begun. In the 11th hour things can get missed or forgotten but with this checklist, you won’t forget anything.
1. Make sure all contingencies are squared away- If you, the buyer, have added contingencies to the transaction, make sure they are completed before you go into your closing appointment.
a. Home Inspection- Schedule your home inspection right away. If there are problems with the home, make sure they are negotiated within a timely manner.
b. Appraisal- Mortgage lenders will hire a third party to evaluate the home to ensure the value is not lower than the sale price.
c. Financial- This will give you the right to back out of the deal with your mortgage falls through.
2. Clear the title- Your mortgage lender will require a title search on the property you are purchasing to ensure the title is clean with no outstanding issues. You will also need to purchase title insurance.
3. Get your final mortgage approval- Before closing, your home loan must go through the underwriting process. If you’ve made any false or misleading claims on your loan application, they may come up and can delay your closing.
4. Review your closing disclosure- The closing disclosure is also known as HUD-1 settlement statement. This document will outline your exact mortgage payments, loan terms, and additional fees (closing costs)
5. Do a final walk-through- A walk-through will be conducted within 24-hours before closing. During the walk-through you will check to see if all repairs were made based on the home inspection and ensure there are no additional issues with the home.
6. Bring all necessary documents to closing- You will need to bring- proof of homeowners insurance, copy of your contract, home inspection reports, paperwork required by your bank to approve the loan, government issued photo ID.
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