Monday, November 2, 2015

Tips to Make the Closing Process Go Smoothly

We are just one very short week away from closing (wow!), so I've been giving some serious thought about how to ensure it goes as smoothly as possible. We're first-time homeowners, so what the heck do we really know, but here are some of the tips I've found online that seem pretty solid. Anything you'd add to the list?

  • Make sure the house is ready for you. It's your responsibility to make sure the home is being delivered in the agreed upon condition. Regardless of whether you're buying an existing house or new construction, if something isn't right, you shouldn't sign those papers.
  • Make sure your have a valid, unexpired government-issued ID in the same name as you are taking title. If for any reason you need to take title in a different name than your ID, make sure your lender knows this and is OK with it. You will have to sign the documents that require notarization with the name on your ID. Some lenders may actually require two forms of official ID, but most will accept a government ID, and a credit card as the secondary form of ID.
  • Get a draft copy of your documents sent 48 hours in advance so you have time to review them. Misspellings, missing information and incorrect addresses or loan amounts can hold up a closing. Are all the amounts correct? Purchase price? Appraisal? Taxes? If it's a variable rate loan, is the adjustment period listed correctly?
  • Friday afternoon and Monday morning are some of the busiest times for the title company and lender. This means if you schedule your closing then, you have limited the amount of time to solve any potential problems.
  • It's worth scheduling your closing for mid-week. That way, you've got some runway to burn, and you can still have a normal weekend move in regardless of whether issues arise.
  • Get your cash ready. The federal wire cutoff is generally 2 pm in your time zone. If your funds aren't at the title company by then, you're not closing on that day. If you are bringing a certified check, this doesn't apply to you; you are good to go.