Closing on a home can feel like an incredibly daunting process, especially if you are going through it for the first time.
Though nothing beats having a professional on your side to help guide you through, you can also take other steps to prepare, like creating a checklist of things you need.
Mortgage approval and disclosure review
Realtor looks into steps you can take to prepare for closing. First, get the final mortgage approval. An underwriter must review your home appraisal, check your credit score and give your financial portfolio a look-over to ensure it remains as it was during your pre-approval.
After that, review your closing disclosure. This outlines your exact mortgage payments, the terms of your loan, potential additional fees such as closing costs, and more. It allows you to prepare for the financial situation that lies ahead.
Final walkthrough and organization
24 hours before the finalization, do a final walk-through of the home, too. You can make sure at this time that the previous owner fully vacated the premise, as well as make sure that they meet all aspects of your agreement. Make sure the repairs for any problems found during home inspection also happened.
Finally, make sure you have all the necessary documents in order. This includes things like a copy of your contract with the seller, proof of your homeowner’s insurance, home inspection reports, government-issued photo identification and any paperwork that your bank needs in order for your loan to get approved.
If you take these steps, you can face the closing process with more confidence and less concern about mistakes.
