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Closing on Your New Home

Once you’ve received your loan approval, next comes the most exciting part of all: becoming the legal owner of your new home! Your agent will most likely let you know when you’re scheduled to seal the deal and sign the final paperwork.

Get a home inspection.

Get a homeowners insurance policy.

Review the Closing Disclosure and make sure any errors are corrected.

Review any other closing documents, which may come from your lender or your agent.

Get the final closing dollar amount and instructions for providing payment.

Do a final walk-through of the home 24 hours before closing to ensure all repairs have been made.

Doing all of these things can make the process go a little quicker and will help get you into your new home that much faster.

Be prepared for a lot of paperwork that can take as little as 30 minutes to as much as an hour to complete. The title agent will review every piece of paper with you, explaining what each means, and you’ll sign off on them. Don’t rush, and if something doesn’t make sense to you, ask. Now is the time to make sure all the numbers are correct, all your contingencies are included, and all seller concessions have been recorded.

Your agent will probably accompany you, and your loan officer, the seller and the seller’s agent, and your attorney may also be there.

If an attorney isn’t required to be present, you might get one anyway to ensure you fully understand everything you're signing.

If you have already wired the funds to the title company, you could get your keys then and there! In some cases, though, you’ll receive the transfer instructions at closing and will need to wire the funds afterward, meaning you’ll have to wait for the home to be officially yours until the transfer is complete.

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