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This is What to do Before Closing on a Home
Getting through the home buying process is one of the many obstacles you will face as a first-time home buyer. You will also have to think about the closing and what exactly you will need to do before it happens.
Financing is first on the list. Once you have decided on a home, you have to get into contact with your lender again. This is when you would let them know that you have started a contract with a seller and, if you were approved, they need to finalize your loan. At this point, everything on your application is updated just before the completion of the home loan.
For any appraisals that were completed on the home, you would gather together the information that was provided to you from the appraiser that performed the inspection of value. You lender may also want to send an appraiser to confirm the value of the home to ensure the price is fair.
Earnest money is something you should become familiar with quickly at this stage of the process. It is basically a deposit that you would put down towards the home, different from the down payment, to show the sellers you are serious. Also note that the amount of money that you put towards this should come directly off the agreed amount of the home.
A final and very important item to take care of before closing is that you want to get an inspection on the home. Make sure you know what you are getting yourself into and the home is actually in good enough condition for you to move into with no added problems like major repairs.
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