Congratulations! You finally did it – the house is yours! You braved the hot market, attended open house after open house, worked with your realtor and landed a deal, so you should be proud. But there is one final hurdle to clear before the keys are in your hand, so don’t relax just yet. Our team at GVC Mortgage wants you to be prepared for closing day so there are no delays or disappointments.
What Is Closing Day?
Step number one: figure out what and when closing day is. Simply put, closing day is the day you become the legal owner of your home. If you check out your purchase agreement, you’ll see a closing date set by the seller. This date is set after the seller has accepted your offer and your earnest money. Because your agent, lender, and title agency may still have work to do to execute their end of the deal, your closing date could be weeks or months after your formal offer was accepted.
How to Prepare
Buying a home is a team sport, so make sure you have a quality team in place. At minimum, you’ll want a real estate agent and a mortgage professional on your team to help you work through the process. But you may also want to consider an escrow officer, an attorney, and a title insurance agent. Your team will help you with your closing checklist so you can be sure you’re ready when the big day comes. Before closing, you’ll need to have your home inspected and appraised, get loan documents approved, secure homeowner’s insurance, and complete your final walk-through of the home.
What Do I Need to Bring?
Your title company representative and mortgage loan officer usually will provide a checklist of everything you’ll need to bring on closing day. Generally, this includes your photo ID, any outstanding documents or paperwork that the title company or mortgage loan officer has requested, and a certified check or cashier’s check for your closing costs. On closing day, expect to sign your name many times. The schedule of events usually goes something like this: pay closing costs, seller signs documents to transfer property ownership, you sign settlement statement, mortgage note, and mortgage or deed of trust. As simple as it sounds, there actually is a tremendous amount of paperwork, so prepare to sign and keep on signing.
After you’ve completed all these steps, you’ll finally be handed the keys and be able to move into your new home! If you still have questions about any part of the home buying process, give our team a call. GVC Mortgage will put you first and get you into the home of your dreams. Contact us today at (317) 564-4906.