It’s tempting to rush closing – after all, your journey to home ownership was likely a lengthy one, filled with twists, turns and tons of paperwork. But as eager as you are to get to the end point – and get your keys – you should be just as meticulous about this part of the process as you were about searching for your home.
While there are plenty of moving parts that make up the closing process, there are three key things you’ll want to remember. Don’t forget these closing process tips:
Remember to pay close attention during the last walk-through. This is your last chance to address any issues with your new home before you take possession – whether they be things you missed the first time, or things that were scheduled to be fixed or amended as part of the deal. Plus, you want to make sure it’s absolutely ready to be moved into. If it’s not, or if there are other issues at play, address them with your real estate professional to ensure everything is taken care of – and if it can’t be, you may have to consider backing out of the deal.
Remember to go through your final paperwork with a fine-toothed comb. This means more than just crossing all the T’s and dotting all the I’s – this means making sure everything is spelled correctly, that your addresses and financial information is accurate, and anything else that could potentially derail your loan due to a clerical error is cleaned up accordingly. Also make sure the financial terms of your loan is exactly what you were told they would be – and if they’re not, speak up. Once you sign everything, you’re locked in – so you want to make sure you’re getting what you asked for.
Remember to get your finances in order. Time to get your down payment ready! You may want to check with your real estate professional what the preferred mode of delivery is – whether that be a wire transfer, cashier’s check, certified check or otherwise. This can give you the time to get what you need from the bank so you’re not scrambling at the last minute. Also, make sure you’re clear on how much you’re expected to pay in closing costs, including any interest payments, deed fees and a real estate transfer tax.
Putting your focus on these three points, and ensuring everything is in order, will help make your closing day go smoothly. Enjoy getting your keys!