555-555-5555
mymail@mailservice.com
Especially as a first-time homebuyer , the last thing you want to go wrong is problems on your closing date. But with a solid checklist in hand, you can avoid potential problems before they happen.
Taking title to a home means you are legally allowed to own it. This is an official process that is run through the local public land records. In order to close on the home, a mortgage lender will ask you to provide a title, which means you need to purchase the subsequent title insurance to protect you from any legal claims. The title company you choose is up to you. Most people ask for recommendations from a real estate agent, lender , friends, or family.
Once you have made a down payment, your home loan has to go through an underwriting process. The underwriter’s job is to ensure you’re being truthful about your finances, and will be meticulous in making sure there aren’t any false or misleading claims. They’ll look at items like credit score , home appraisal, and consistencies in income. That being said, make sure you aren’t doing anything during this time that could negatively impact your credit score.
If you’re receiving a loan, make sure you take a hard look at the closing disclosure. This will include the amount of your mortgage payments, terms, and additional fees. Once you’ve received these documents, get with your lender to make sure it is consistent with the estimate they provided. If you have questions about anything, now is the time to ask!
A walk-through is typically done within 24 hours of the closing date. The purpose of a walk-through is to make sure the property looks as expected, and the owners have officially moved out.
Throughout the entire closing process, make sure you have copies of your documentation handy. Especially on your closing date! This should include information regarding your homeowner’s insurance, contracts, home inspection notes, government issued ID, etc.
Purchasing a home for the first time and need some guidance? You’ve come to the right place! Ken Venick has over 30 years of experience in the mortgage loan business and can put you in the right mortgage loan product for your unique needs. Visit our FAQ page to learn more, and contact us today.
The post How to Prepare For Your Home Closing Date appeared first on Owings Mills & Lutherville Mortgage.
© 2024 NEO Home Loans
For licensing information, go to: www.nmlsconsumeraccess.org | www.goluminate.com | Please review our Disclosures & Licensing information. | Luminate Home Loans, Inc. is a wholly-owned subsidiary of Luminate Bank. Equal Housing Lender. For further information about Luminate Home Loans, Inc., please visit our website at www.goluminate.com. Luminate Home Loans, Inc. NMLS#150953.
Corporate Headquarters: 2523 Wayzata Blvd. S. Suite 200, Minneapolis, MN 55405
Do Not Sell My Personal Information Privacy Policy | Disclosure & Licensing