|As your mortgage consultant, my team and I provide you with more than just a loan. We want to do everything we can to make your loan closing as easy as possible for you!
When the time comes to close the deal on your new home, a lot of things are happening all at once. You can expect the real estate transaction and the financial transaction to close on the same day!
With that in mind, I wanted to share some tips to help you prepare for this exciting day.
|Important Tips for a Smooth Real Estate Closing
You’ll be reviewing many legal documents that will require your full attention, so make sure your calendar is clear of any other appointments.
• Review Loan Documents in Advance – We will touch base in advance to prepare you for your loan closing. There should be no surprises at this point, providing we have locked in the interest rate for your loan to coordinate with the timing of your real estate purchase.
At the final closing, you will need to review every legally binding document carefully and make sure there are no typos or errors, and the loan terms are listed as we have discussed. Any typos or errors must be corrected prior to closing. We will go over each document with you, so you have a clear understanding of your financial commitment.
One important document you will be signing is the HUD-1 Settlement Statement. This document lists all the final credits and charges relevant to both you and the seller, based on the terms of your contract. You should receive this at least 24 hours prior to your closing. Compare this to your Good Faith Estimate to make sure your rate and terms are written as you expected them to be. The lender is bound to honor the Good Faith Estimate for 10 days.
• Be Prepared for Closing Costs – Prior to closing, you should know exactly what your closing costs are. It’s best to have a cashier’s check ready to pay your closing costs. (An electronic funds transfer could delay the process, depending on what time the transfer posts.) This includes any fees, taxes, charges and your down payment. Again, we will review this with you, so you have a full understanding of your closing costs. Don’t be afraid to ask questions! We’re here to help.
• Make Sure Your New Home is Ready to Live In – When you do your final walk-through of the property, make sure all repairs have been made that were agreed upon and the home is ready to occupy. Otherwise, your Buying Agent can make additional negotiations with the Selling Agent to resolve any outstanding issues. Your final walk-through should be done before the final real estate closing documents are signed. Allow for at least 30 minutes to do your final walk-through.
I hope you find these tips helpful. My team and I will be in touch with you on a regular basis to make sure this transaction goes smoothly as possible. If you have any questions, please don’t hesitate to give me a call.