Home Closing Checklist: 6 Things To Do Before You Move In

toy house with a checkmark

You’ve found the perfect home and your offer has been accepted. Congratulations! Now all you have to do is make sure the deal closes smoothly and on time. To help ensure success, here’s a checklist of 6 things to do before you close on your mortgage loan…

  • Satisfy all contingencies. These are the conditions you put on the purchase, and they need to be completed to your satisfaction before the deal closes. For instance, if the home inspection uncovers a problem, the seller needs to fix it or you can back out of the deal. Similarly, if the lender’s appraisal is less than the sale price, an appraisal contingency lets you back out. And a financing contingency releases you from the deal if you don’t get mortgage approval.
  • Buy title insurance. Your mortgage lender will require a title search to confirm that the seller is the legal owner. You need to purchase title insurance to protect against any future claims to the property.
  • Get final mortgage approval. Chances are you were pre-approved before you made the offer. Now the lender has to do an up-to-the-minute check of your finances in deeper detail before giving final approval.
  • Review your closing disclosure. Once you’re approved, the lender will give you a closing disclosure (HUD-1) that outlines exact payments, terms and fees. Compare it to the estimate the lender gave you in advance and flag any discrepancies.
  • Do a pre-closing walk-through. The day before closing, visit the home and make sure it’s in the condition you expect, including any agreed-upon repairs.
  • Have all documentation ready for the closing meeting. When you sit down with the attorney to sign the final documents, you’ll need to show proof of homeowner’s insurance, the sales contract, home inspection report, mortgage documents, and government-issued photo ID. Then you get the keys and the house is yours!

Do you have questions about the mortgage loan closing process? we’re here to help. Contact us today!

Buying a new home or refinancing your current loan? Our experienced team of loan originators are dedicated to making that a reality. At Ideal Lending, you will work one-on-one with a dedicated mortgage loan officer who can explain loan programs and offer great mortgage rates to meet your financial goals. Contact us today!

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