When you’re in the “home” stretch or heading for closing on your new home, you want to make sure everything goes smoothly. But there’s so much to think about! Well breathe easy because we’ve got your back. To take the guesswork out of the equation for you, we’ve assembled the ultimate checklist for a successful closing. All you need to do is work your way through this list, and show up for your closing.
Let’s get started!
HERE’S YOUR ULTIMATE CHECKLIST FOR A SUCCESSFUL CLOSING:
Make sure your closing disclosure arrives at least three days before closing.
This closing disclosure spells out in detail how much you will be paying for your loan. If there are any unexpected charges or if information seems incorrect, this is your chance to address those issues. Set aside time to take a look at these documents and examine them in depth; this is not something to take lightly as it’s going to have an impact on your transaction and your household for as long as you are repaying the loan. Be sure to compare your closing disclosure to the loan estimate you received; the terms of the loan, including the monthly payment, interest rate and fees, should be as expected.
Know and fully understand the details of your closing.
Get clear on who will conduct your closing but also where it will happen and what time you should be there.
Now that you know who is conducting the closing, ask what you should expect.
You’ll want to make sure you know the details of what closing will entail so there are no surprises or delays due to unexpected issues arising.
Have useful numbers handy.
Make sure you have contact information for your trusted advisors for this transaction, including your attorney, a trusted friend and others. You may want to inform some of them of your closing date and time, so they can be available should issues arise.
Ready the cashier’s check or wire transfer.
Make arrangements to pay the amount that will be due at closing.
Make note of your questions so you can get answers.
With a complex transaction like buying a property, you are sure to come across aspects of the process that raise questions for you. Come prepared to ask them, if you haven’t already cleared them up with your real estate agent, attorney or other officials. Some of your questions might include how property taxes will be paid, how dues for a homeowners’ association are paid, and who will be your point of contact after closing in case additional questions come up.
Read and understand all closing documents.
As we’ve mentioned, closing on your new home is big, and it can be confusing. So take all the time you need to understand all of the closing documents. If you have questions, don’t be afraid to ask them. In the end, you want to be clear on your obligations and rights.
Bring all you need.
When it’s time to close, you’ll want to bring several items, including:
- Photo ID, such as a driver’s license
- Funds to cover the amount due at closing
- A copy of your insurance policy
- Any other documents your mortgage lender has requested
Closing time: bring this comprehensive checklist of what you need to do
Closing time can be exciting and a little bit overwhelming. Save yourself some sweat by working through this ultimate checklist ahead of time, so you can arrive calm, cool and ready to close.