So you have found the house of your dreams and you are ready to seal the deal. Whether it’s your first home or you have done this before, closing the deal on a home can cause some anxiety. Knowing what to expect at the closing table will help ease your nerves when closing day comes. Here are some tips to help you prepare for that day:
- Bring all documents you have received throughout the purchasing process to the closing table. If all your papers are organized and in order this will help move things along.
- Do not expect the closing process to take 20 minutes. The time frame can range, so it is recommended that you take a half day or even a full day if possible set aside for the closing day. You do not want to rush things.
- Understand all the costs involved. You do not want any surprises on this day. It can be more than just the purchase price of the house and attorney fees. Typically, you can expect to pay about 3% of the total loan amount in closing costs, although that number will depend on the state you are purchasing in and the type of loan you choose. Have your realtor and banker/lender go over these costs with you before the day comes, so you know what to expect.
- You’ll need to provide evidence of required homeowners insurance and inspections
- Homeowners are generally given a last opportunity to go through the home to see if any issues have arisen since the last meeting on the home. Any repairs or issues noticed need to be addressed at this time, once closing is done the negotiations are done.
If everything is in order closing day can run very smoothly. When closing day comes and you have to sign that final document, you will be prepared! The GreatFloridaHomes team is here to help prepare you and answer any questions you may have!
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