Having your offer accepted on the house of your choice is a great start and feels amazing. However, it’s not the end, and there’s still a lot to do in the buying process. With so much to do before you can close on your home, it’s always nice to have a checklist to help you get through the process that much easier.
1. The Loan – If you’re already pre-approved, then that’s great. If you’re paying for your home in cash, then you don’t have to worry about the loan at all. However, if you’re not pre-approved, then you’ll need to apply for a mortgage loan. Meet with a few lenders and pick the one with the best loan option for you.
2. Home Inspection – Your mortgage lender will usually require an inspection and appraisal of the home you’re buying, and will generally provide the professional inspector. Lenders won’t give you a loan for more than a home is appraised for, so there may be some negotiating involved. As for the inspection, you should get one even if not required, as it’s always good to know what you’re walking into. You may want the seller to fix some of the issues before you close on the house, or adjust the cost for repairs.
3. Check Your Finances – Closing costs and down payments don’t come out of the loan. Make sure you have all the funds needed to close on your home.
4. Insurance – Have homeowners insurance ready to go, as its generally expected to have it on hand at the time of closing. Be sure to make sure if you need extra insurance, like flood insurance depending on where you live. Your lender is probably going to need proof of insurance before they approve your mortgage loan.
5. Final Walk-Through – 48 hours or so before you close you’ll be allowed to walk through the house one last time to make sure everything is up to scratch. If it’s not exactly what you agreed upon, you may be able to push the closing time back to give time to fix the problems.
6. Closing – It’s now time to sign the paperwork and collect the keys. The house is yours and it’s now yours to do with what you see fit.
Moving is always going to be a little stressful, but you shouldn’t have to worry once your offer has been accepted. While there’s a lot to do, it goes by quick, so don’t let the checklist keep you from being excited about owning your new home.