YOU ARE CLEAR TO CLOSE! Now What?
This is the seventh and final post in our ‘Now What?’ blog series designed to help those people that want to become homeowners, but have no idea what to do.
You Are Clear To Close! Now What?
Great job! You are almost a homeowner! To insure your success here are a few suggestions to help you cross your finish line.
Let’s Go Shopping!
Let’s not. Don’t go out and buy that new couch just yet, and in all reality that new big screen TV can wait as well. DO NOT take on new debt before you sign the final paperwork! Years ago I had a client that decided to ignore my advice, and they went shopping for new furniture before they closed on the home. We were able to work around it, but it wasn’t pretty. Absolutely do not take on new debt before your loan closing.
Set Your Closing Date!
Make sure you communicate with your attorney and your lender to confirm that your closing date is set. Closings generally take place Monday – Friday from 9AM to 4PM. It could take up to 2-3 hours, so be sure to give yourself plenty of time!
Who Are You?
Make sure you bring your state ID and/or driver’s license to closing (in other words a picture ID). The title agent needs to verify you are who you say you are!
Money Money Money!
Make sure you bring your money to closing in the form of a certified check as the title company will not accept a personal check. The certified check will be made out to the title company. You can verify how much money you need with your lender.
Do Your Special Exercises!
Stretch your wrist. You think I may be joking but you are going to be signing a truckload of documents!
Once you have signed all the paperwork, the mortgage company will verify that everything was completed appropriately. Once they acknowledge everything is good, they will release the funds to the title company. The title company will cut checks to all the parties involved and you are a proud new homeowner! Congratulations!