Congratulations! You’ve found your dream home in North Iowa and the seller accepted your offer! You are now in the home stretch to getting handed the keys to your new life. There are a few more final and essential steps that need to be made. Here is an easy guide to home closing so that you are prepared in the last days of your home buying process!

 

#1 Square Away Contingencies

Make sure that any contingencies (i.e. home inspection, appraisal, and financing) are met before the final transaction. This protects you in the event an issues arise.

 

#2 Clear the Title

Your mortgage lender will check for anyone that claims title to the home and see if there are any liens attached to the property. Make sure to buy title insurance so that you can protect yourself from any legal claims as the ownership transfers to you.

 

#3 Get Approval of Your Final Mortgage

Even if you got pre-approved for the loan, your mortgage lender must now verify that you accurately represented yourself by going through the underwriting process. As long as you made no large purchases during closing that will affect your credit score, or changed jobs, you should make it through this step like a breeze.

 

#4 Check Your Closing Disclosure

Review your closing disclosure against the loan estimate you received when you first got your pre-approval. Check out the mortgage payments, interest rate, loan terms, and closing costs to make sure that everything matches.

 

#5 Do One Last Walk-through

Do a final walk-through of your new home in the last 24 hours before closing. This allows you to make sure that the previous owner has truly moved out and that the home is in the condition that you agreed upon. Most sales contracts allow buyers to do a walk-through of the house before closing, within 24 hours. Make sure the previous owner has vacated unless you’ve allowed a rent-back arrangement.

 

Now get your hands ready to do some signing of paperwork and the keys to your new home will be waiting for you!

 

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