Closing on your Home

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Obtain final mortgage approval

You’ve made that down payment, but before you can go to the closing table, your home loan must go through the underwriting process. Underwriters are like real estate detectives—it’s their job to make sure you’ve represented yourself and your finances truthfully, and that you haven’t made any false or misleading claims on your loan application.

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The underwriter—employed by your mortgage company—will check your credit score, review your home appraisal, and ensure that your financial portfolio has remained the same since you were pre-approved for the loan. Since underwriting typically happens shortly before closing. The most important thing you need to do is to not comprises your mortgage while you’re in contract. That means you do not make any down payment on a car, boat, or similar large purchase that has to be financed. You can not make any new purchases until this process is closed or you  will jeopardizing your loan.

 

Do a final walk-through

Most sales contracts allow buyers to do a walk-through of the home within 24 hours before closing. During this stage, you’re making sure the previous owner has vacated .You’re also double-checking that the home is in the condition agreed upon in the contract. If your home inspection revealed problems that the sellers had agreed to fix, you’ll want to make sure those repairs were made.

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Documents to bring to closing

• Proof of homeowners insurance

• A copy of your contract with the seller

• Your home inspection reports

• Any paperwork the bank required to approve your loan

• A government-issued photo ID (Note to newlyweds who just changed their name: The ID needs to match the name that will appear on the property’s title and mortgage.)

Plan to sign a ton of paperwork. An attorney or settlement agent will guide you through the process. When you’re done, you’ll collect the keys, and you’re finally home free!