What Can You Expect When Closing Time Comes?

getting handed the keys after closing a home

The big day has arrived! You survived all the open houses, managed the gauntlet of negotiations and you’ve made it to closing day. There is still a lot to do before you get those keys and make this house your home. If home buying territory is new for you, here’s what you can expect when it’s finally time to close the deal.

For more information from the top mortgage broker in Los Angeles, contact Peak Finance Company today to receive a personalized quote.

How to Prepare

There are a few things you will need to take care of ahead of time before you sit down to sign all your closing documents. The first thing you need to do is make sure you review all closing forms so there are no surprises. It’s important to know what your exact mortgage payment will be, what closing costs you are responsible for and make sure you understand the terms of your loan.

You should also make sure you conduct any final walk-throughs of the property. If you had an inspection done and repairs were supposed to be made by the seller, make sure those repairs were completed and any problems or issues were addressed and resolved.

What’s Expected of You

It’s critical that you bring all necessary paperwork to avoid any delays in the process. Make sure you bring:
• Proof of homeowner’s insurance
• A copy of the contract with the seller
• Home inspection reports
• Any paperwork the bank requires for approval of your loan
• Government-issued photo identification
• Down payment (either in the form of a wire transfer or a cashier’s check)

Something for any newlyweds to think about: make sure the name on your photo identification is the same name that will go on all the paperwork, especially the deed of the house.

Nearing the Finish Line

You’re almost ready to complete the process but there are a few more things to keep in mind. A title clearance will take place to make sure there are no issues or liens against you. Then get ready to sign your name — a lot. You will most likely be reviewing and signing the purchase agreement, loan documents, mortgage documents, title documents, the settlement statement and, of course, the deed to the home transferring ownership of the property over to you. You will want to also make sure to keep copies of these documents.

It’s also not uncommon for a hitch or two to come up as you complete this process. Be prepared for minor hiccups and schedule your day accordingly. Once everyone signs on the dotted line, the keys are yours!

Mortgage Broker in Los Angeles

Part of avoiding these minor challenges is finding the right partners to navigate the home buying process with you. Having the right team in place can help alleviate the stress of the process and keep you from making potentially costly mistakes in the process.

Peak Finance Company – Residential provides uniquely competitive rates and a best-in-class team to find innovative mortgage solutions personalized to the needs of clients. Our residential real estate financing experts specialize not only in offering traditional loans at competitive rates, we work on behalf of credit challenged, self-employed, and first-time home buyers. Our comprehensive set of options includes new financing, refinancing, new lines of credit, and bridge loans.