Exactly What You Should Do Before Closing On Your Home
There are many steps that must be completed before officially taking possession of your new home. For instance, you must get a mortgage, have the home inspected and make sure that there are no issues with the title to the property. Let's take a look at how you can accomplish these tasks in a timely and efficient manner.
Tips for Obtaining Mortgage Approval
Ideally, you will get tentative loan approval prior to submitting an offer to purchase a home. This will let you know that there is a good chance of getting the money needed to finance the acquisition. It may be best to work with a mortgage broker to get a home loan as brokers are more likely to be able to get you approved for both traditional and government-backed mortgages.
Finally, be sure to gather pay stubs, bank statements, and other documents that a lender may need access to when evaluating your application. In most cases, you should expect the mortgage approval process to take between 15 and 45 days to complete.
When Should You Have an Inspection Done?
It is a good idea to have your new home inspected no more than a few days after your purchase offer is accepted. Typically, the offer will stipulate that an inspection must take place no more than 15 days after it is accepted. The sooner that this is done, the more time that you'll have to make a plan to fix any serious issues that the property might have.
Your Attorney Might Be Able to Perform a Title Search
The real estate law professional who is helping with the closing process will likely be able to do a title search on your behalf. It will likely be able to determine if there are any liens on the property or other issues that could jeopardize your ability to take legal ownership of the home.
For instance, it may reveal that the title document is a forgery or was signed by a minor. It may also reveal that the current owner's relative has a claim to the house that no one knew about before it was put on the market.
The Closing Meeting Can Take 30 to 60 Minutes to Complete
On the scheduled closing day, you will meet with your attorney, the seller, and the seller's attorney to sign closing documents. During the closing meeting, you will be asked to sign multiple mortgage documents as well as a copy of the deed to the home. Anyone else who will be on the mortgage or deed will need to sign these documents as well. After all the required paperwork is signed, you will be given the keys to your new house.