Is your closing day approaching? Here’s how to prepare!

Is your closing day approaching? This is the last hurdle in the home buying process, and we’re sure you’re looking forward to officially owning your new home! However, before you can call this property yours, there are a couple things you need to do to get ready for closing day. Here are some of the top items that will help you navigate this final step of the process!

Do one last walk-through

It’s important that as a buyer, you visit your future home near your closing day. This is to ensure there have been no major changes since you last toured the property. As your closing day approaches, you will want peace of mind knowing your home is ready to go and there will be no unpleasant surprises waiting for you. Do your best to schedule this walk-through as close as you can to the day the home officially becomes yours. This way, you can be confident you are seeing the home in the state it will be in when you move in. The danger of not performing this walk-through is if there is any damage, it will be on you to repair it as the new owner. Of course, you don’t want to take responsibility for repairs that weren’t your fault! 

Try to plan around the busiest days

There are certain days that tend to be very busy in the real estate world. The first and last days of each month, as well as the fifteenth, are common closing dates. Fridays are also fairly hectic as people are rushing to close deals before the weekend. In theory, this shouldn’t affect your individual closing day. However, if you run into any kind of trouble with financing or hit any snags during the process, lenders and notaries may be too busy to immediately assist you. If this falls on a Friday, this might cause further delays until the weekend is over. Do your best to avoid these dates if possible. If you can’t, try to be prepared for a slightly busier experience!

Get in touch with your lawyer

Your lawyer is a key contact during the home buying process. In the days leading up to your closing date, be sure to schedule a meeting with them. You may be able to complete some paperwork ahead of time to minimize the work you have to do on closing day. Your statement of adjustments, which reviews the costs you will owe, and your bank draft can both be submitted at this time. Plus, it’s also good to meet with your lawyer so you can ask them any final questions you may have! Buying a home is a big process and it can be confusing at times, so it’s always smart to maintain contact with the professionals who are working with you.

Make sure your down payment is ready

Obviously, you have been saving and saving your down payment for a long time. However, there are a couple other requirements you must meet apart from having the actual payment amount. Your down payment must spend a certain amount of time in your bank account before it can be used. This is to protect against laundering, and to ensure the money has come from a legitimate source. If your down payment has been gifted to you, you will also need to provide your lender with proof of transfer and proof of funds to show the money is ready to use. As you approach closing day, ensure all of these items are complete and ready to go. 

Review your contract one more time

Your purchasing contract is the backbone of the buying process. This means it’s essential to make sure everything within it is proper and correct. Review your contract and examine all the details to confirm you understand every line. If you have any doubts or questions, get in touch with your real estate agent. Any errors must be corrected before closing day, when the contract becomes official. You don’t want to come across any surprises on closing day! We know this isn’t an exciting task, but it will certainly be worth it down the road. 

When it comes to your closing day approaching, there are a lot of things to keep in mind. It can feel a little stressful as you work through this last step in the buying process. However, keeping in contact with mortgage professionals throughout the experience will help you feel more confident! We’re here to help you navigate the market with ease. 

If you have any questions about your mortgage, give us a call at Centum Home Lenders! You can reach us at 506-854-6847, or get in touch with us here.