After several years of diligently saving money, I’m nearly ready to purchase my first home. Because I’ve been thinking about buying a home for so long, I know exactly what I want my house to look like. I desire a place that has three bedrooms and three bathrooms. I also need a quiet space to set up my home office in. I want a massive, walk-in closet in my master bedroom. My master bathroom needs to have double vanities, a tiled, walk-in shower, and a Jacuzzi tub. On this blog, I hope you will discover how to set priorities during your new home search. Enjoy!
If you've recently had an offer accepted on a home for sale, congratulations! You're one step closer to becoming a homeowner. There's also a good chance that your closing date (or a tentative closing date, at least) has already been set. This is the day you will sign all the paperwork associated with the purchase of your first home; you will also likely get the keys to your new house on this date. As exciting as the prospect of closing on your first home can be, there are a few things you'll want to get taken care of before your closing date!
Review Your Closing Disclosure Carefully
A few days before you're scheduled to close, you can expect to receive a document known as a "closing disclosure" (CD) from your lender. This document will detail all the costs related to your mortgage, breaking them down carefully so you know exactly what your monthly mortgage payment will be and how much will be due at closing. Be sure to review your CD line by line to ensure that everything looks correct, and don't hesitate to reach out to your lending agent if you have any questions or concerns.
Schedule Your Final Walk-Through or Re-Inspection
You're also entitled to a final walk-through or re-inspection before you close on your home. This will give you a chance to check out the home one last time before you finalize the purchase to ensure that all requested repairs have been completed (or that no unauthorized changes have been made). In most home sales, you should be able to schedule your final walk-through for any time up to 24 hours before closing.
Figure Out Your Form of Payment
More than likely, you'll need to bring some money to closing (and this amount should be outlined in your CD). Find out which types of payment are accepted so you can be ready with the exact amount owed. A cashier's check is a common method of paying outstanding balances at closing—and you can obtain one of these from most banks for a nominal fee. In other instances, it may make sense to wire your payment directly from your bank to your mortgage lender. Be sure to also bring any required identification to your closing appointment, such as your driver's license or other government-issued ID.
A little preparation will ensure that your closing goes as smoothly as possible. From there, you can begin enjoying life as a homeowner!