How to Prepare for Your Closing

The process of finding the perfect home is an endeavor full of excitement. But if you are buying your first house, you may be wondering what to expect from the time your contact is signed to the day you sit at the closing table. We have put together a few tips on how you can get ready for the big day. Even if you are not new to the home buying process, the information below can still be a good reminder of how to best prepare for your closing.

  1. Submit loan documentation promptly (and thoroughly). Without a doubt, mortgage application procedures involve quite a bit of paperwork. Promptly providing your lender the documents necessary for home loan approval can help make for a smoother experience. Throughout the approval process, the professionals involved in your real estate transaction may require information from you. Complying with such requests as quickly as possible can help prevent snags that may delay settlement proceedings.
  2. Order a home inspection. Once you and the seller have both signed the purchase agreement, it will be time to request a home inspection. When it is complete, you and the seller can then decide if repairs need to be made or whether you will purchase the property as is. 
  3. Have a realistic expectation of the closing timeframe. Home closings take place about 45 days or so (on average) after your contract is signed. But keep in mind, the closing date that is established early on is only a best estimate of when it will actually take place. In some cases, title defects may need to be resolved before the closing process can move forward, which can delay settlement. 
  4. Review your Closing Disclosure (CD) form in detail. Three business days before your scheduled closing, your lender will submit to you a CD form outlining the details of your loan and other relevant financial information. It is extremely important that you review this document and notify your lender of any discrepancies right away. Any concerns must be resolved before the day of closing.
  5. Complete a final walk-through of the property. You will need to schedule a walk-through of the property a few days before your closing date to ensure it is in its agreed-upon condition. 
  6. Prepare closing costs in the form of wire transfer instructions or certified check. Before your closing day, the title agent conducting your settlement will contact you with the final figures you will owe to close on your new home. You will be asked to provide these funds via a wire transfer or certified check.

Being prepared for your home closing can help minimize any stress and streamline the settlement process. For more information on how you can best prepare for your upcoming home closing, please contact the experienced professionals at Linear Title & Escrow.


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