Mortgage Closing Checklist2/15/2011 There are many things that can go wrong at the closing table. First time home buyers more often than other buyers are unaware of the steps involved in closing a mortgage loan. Read through the following checklist to make sure the final steps in your home purchase comes together properly. Meet with an attorney, if you need to. This is one of the first steps in closing your loan well. Do this before you get to the closing table. Allow your real estate attorney to look over all the documents involved in the home purchase. Verify that the seller has made any and all necessary repairs to the home. If your purchase of the home is contingent upon the seller making specific repairs, make sure these repairs are completed before you sign the dotted line to buy the home. Check to make sure you have the funds needed to pay the closing costs. These costs add up quickly. Your lender should have given you a good faith estimate outlining all costs you’ll need to pay. Make sure you have the money ready. Sometimes the lowest mortgage rates are contingent on paying specific closing costs. Find out what documents you need to sign. There will be plenty. Sign everything you need to sign, and nothing you don’t need to. You’ll be putting your signature on a lot of papers when you close your home loan. By now, you should know just about everything that you’ll be expected to sign. If your lender produces a document you’ve never heard of before and you don’t recognize, question it. Don’t sign anything unless you’re sure what it is. |
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