When purchasing a home, it can often feel like there are several hurdles to cross before actually making it to the closing table. Knowing what to expect and preparing yourself accordingly is the best way to ensure an stress-free home purchase process. Following is a checklist of items that must be completed before closing on your new home:

Contingencies – Make sure all your contingencies have been taken care of prior to closing. Most home purchase contracts include contingencies for items like home inspections, appraisal, financing, and more. While your mortgage planner and real estate agent should walk you through these tasks, it is best to be aware of them to ensure they are completed.

Title – When you purchase a home, you "take title" to establish legal ownership. Your mortgage lender will require that a title search take place, and you will likely be required to purchase title insurance to protect you should any legal claims to the house arise. Homebuyers are entitled to choose their own title company. If you need recommendations, your real estate agent should be able to provide those.

Mortgage Approval – Prior to final approval, your mortgage will go through the underwriting process in which an underwriter will review all aspects of your application and check your credit score. During this time, it is crucial that you do not make any financial transactions that could hurt your credit, such as opening new lines of credit, moving large sums of money, or financing a large purchase like a car or boat.

Closing Disclosure – Your mortgage planner will provide a HUD-1 settlement statement, otherwise known as a closing disclosure. It is important to thoroughly review it as it will contain information about your mortgage, such as the payment amount, the loan's terms, additional fees, and closing costs.

Final Walk Through – Most contracts allow buyers to do a final walkthrough with their real estate agent 24 hours before closing. During this time, you will ensure that the sellers have vacated the home and that it is in the condition that was contractually agreed upon.

Bring Required Documents – Lastly, you will need to bring proof of homeowners insurance, a copy of your contract with the seller, home inspection reports, bank required paperwork, and a government-issued photo ID to closing. Your real estate agent will likely help you collect and organize these documents.

If you have any questions about the home purchase process, I would love to answer them for you! Give me a call today to discuss.