How to Close the Deal on the House of Your Dreams

Everyone wants to own his or her own home, but the process of actually getting into that home can be a bit confusing, especially for those who are new to the process.  Even those who have bought a house before might find the changing landscape of getting into a new house frustrating.

 

It isn’t too hard to understand though, and when you break down the process, it is possible to learn how things work.  Here are the basics.

 

What Do You Need?

 

Just as when you were trying to get the home loan for your big purchase and getting qualified for approval, you will need to have the right paperwork with you.  You will need your pay stubs and proof of income, tax returns and all of the documentation that shows your current assets.  Because you will have a large amount of paperwork to gather, you can rely on your real estate agent or the loan company to let you know what you need to have available.  This will ensure that your financing is secure, and it will usually take a few weeks.

 

Before the close of the sale, you will want to check out the home that you are buying just to make sure that everything is up to par.  If you requested to have any work done after the home inspection, now is the time to make sure it has been done.

 

Who Covers Closing Costs?

 

The costs for closing can be paid for by the buyer or the seller.  In some cases, the closing costs are taken from the down payment on the home, and sometimes they will be included in the loan.  Other times, the sellers will take care of the cost of closing.  Some banks also require a seasoning of funds, which means that you have to have the money in an account for at least 60 days.  The title company will let you know how much you need for the closing costs if you are the one covering them.

 

It is important that you understand who is paying for the closing costs on the house, and that you know when the money is due.  Read all of the documentation that you have well in advance and ask questions of your real estate agent if you have them.  If you know what the paperwork entails, you will feel much better when you are signing them.  Too many people sign documents when they are buying a house without ever understanding all of the particulars.

 

Once you have the paperwork signed and everything is in order, the only thing you have to do is pick up your keys and move into the place.  Congratulations!

 

A Note on Timing

 

To make things as speedy as possible, try to schedule the closing of your house around the middle of the month.  Most lenders and title companies have end of the month deadlines, and things can get lost in the shuffle if your home is closing at that time.

 

With a good real estate agent and a lender you can trust, you shouldn’t have any trouble when you are waiting for the house of your dreams to close.

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