Are you getting ready to close on your new home? Preparing for the real estate settlement process is an exciting endeavor. But it is essential that you understand what is involved in getting your contract to close, especially to help facilitate the process for streamlined success. We work as a third-party facilitator to close home loans each and every day. To help you best prepare for this process, we have listed the top seven things you should know about the real estate closing procedure.

1. Understand the closing timeframe. From contract to close, it takes about 30 to 45 days for the real estate settlement process to be complete. During this period, your loan goes through approval and funding activities, which takes up the bulk of this timeframe.
2. Expedite information submission. Your lender will request very specific information and will use this documentation during the loan approval process. To keep your closing date within sight, be sure to submit any information requested as thoroughly and quickly as possible. Insufficient documentation submission can cause a lag in the timeframe between contract submission and the closing date.
3. Factors that may stall the proceedings. In some cases, the closing process may be delayed due to unforeseen circumstances, such as title problems surrounding the proper transfer of ownership. Title defects that are identified must be resolved prior to closing on the home.
4. Schedule the home appraisal and inspection. The home inspection and home appraisal should both be completed early on the closing process.Typically, you will schedule a home inspection of the property you are intending to purchase, while your lender will be responsible for arranging the home appraisal (which takes place following the home inspection).
5. Carefully review your Closing Disclosure (CD) form. Your lender is required to submit to you a CD form at least three business days prior to your closing date. Be sure to review this document carefully, as it will contain information pertinent to your loan and the financial responsibilities associated with your purchase. Any discrepancies in the information entailed will need to be addressed and resolved prior to sitting at the closing table.
6. Arrange for the final walk-through. Usually scheduled a day or two before closing, the final walk-through is your chance to make certain the property is in the agreed upon condition before you sign the papers to purchase the home.
7. Know what to bring to the closing table. Depending on your specific state and loan requirements, you will need to provide two forms of identification (one should be government-issued) at closing. A cashier’s check in the exact amount of your down payment (minus any good faith deposit) or wire transfer instructions should also be brought to the closing table.

In addition to each of these factors, it is important to stay in close contact with your real estate agent so that you can remain apprised of the progress of your closing procedure. By keeping these things in mind, you can be better prepared and have a greater understanding of what to expect as you take this milestone step towards home ownership.

Do you have other questions about the closing process? Our team is happy to help! Contact Linear Title & Escrow today and speak with one of our knowledgeable team members.                                     

Buying a home is a big step and an exciting venture, whether it’s your fifth home or your first. But being completely prepared throughout the entire process is key to helping streamline the settlement proceedings and avoiding a prolonged wait to enjoying your new place. When it comes to getting ready for a home closing, you can never be over prepared. From the mortgage application to the final closing hour, here are the top five ways to make sure you’re as prepared as you can be for that golden day.

Provide necessary documentation as soon as possible.

Once your contract is accepted, your lender will move forward with completing the mortgage approval process. Be sure to submit all necessary documentation as quickly as possible and respond to any requests for additional paperwork promptly. This will help to minimize delays in the processing and funding of your loan.

Stay in contact with your real estate agent and lender.

The best way to remain current on the state of your closing is to stay in contact with your real estate agent and respond to any inquiries from your lender or title agent as early as possible. At times, additional information on your application or other pertinent documentation may be required to move your closing process forward. Remaining “in the know” on the state of your settlement proceedings can help disseminate information more quickly and mitigate any potential snags.

Carefully review your Closing Disclosure (CD) Form.

Within three business days of your scheduled closing, you’ll receive a CD form from your lender. This important document should be reviewed by you and any co-applicants right away and as thoroughly as possible, as it’ll contain detailed information about your loan, interest rate, payment schedule, and other descriptions outlaying the terms of your mortgage. Any discrepancies in the information regarding your loan must be addressed and resolved before going into closing.

Schedule the final the walk-through.

In general, the final walk-through of the property you’re intending to purchase should be scheduled 24 hours before your closing day and time. This gives you a last chance to make sure the property is in its agreed-upon or proper condition and that any necessary repairs have been completed.

Bring proper ID and payment to your closing appointment.

On the day of your home closing, it’s essential to bring two forms of proper identification and either a certified check in the amount of any funds you owe or exact wire transfer instructions to complete the settlement transaction.

Need further tips on getting ready for your upcoming closing? Contact the Linear Title & Escrow team today!