Congratulations are in order! The seller of your dream North Iowa accepted your offer! You are finally only a few steps away from moving into your beautiful new home. Be prepared for the final days of the Home Buying process and close on your dream home with these 5 steps!
1. Finalize Contingencies
If you had any contingencies, including appraisal, financing, and home inspection, ensure that they are all squared away before you complete the transaction. This is for your own protection in case issues arise at the last minute.
2. Title Clearance
Purchase title insurance to protect yourself as ownership of the home transfers into your name. During this time, your mortgage lender will also verify that no own else can claim the title of your home and/or has any liens on the property.
3. Final Mortgage Approval
Just because you were pre-approved for the loan, doesn’t mean you are guaranteed that money. Your lender must now ensure that you were true to your word by going through the underwriting process. This is step is usually one of the easiest for home buyers during the closing, as long as you were smart and truthful with your finances throughout the entire home buying process.
4. Check Closing Disclosure
Compare the closing disclosure with the loan estimate you got during pre-approval. Make sure all of the following items match between the two documents: Loan Terms, Mortgage Payments, Interest Rate, and Closing Costs.
5. Final Walk-through
Your contract should allow for a final walk-through within the last 24 hours of closing. This allows you to verify that the sellers have indeed vacated the premises and ensures that the home is in the condition that you agreed upon when you bought it.