The Closing Process
Now that you’ve contracted on your new home, there are a lot of things that take place in the back ground that you never know about. Virtually all of these things are done by or coordinated by whoever is originating your loan.
Since you may not be made aware of what is taking place, we’re going to give you a quick reference cheat sheet so you can follow up and make sure these things are being done in a timely fashion.
Your loan representative will be:
- Finalizing any remaining documentation needed from you, the borrowers, for your loan.
- Finalizing any remaining documents needed for your down payment assistance program.
- Ordering the appraisal. (Provided you’re not doing this)
- Ordering the survey. (Provided you’re not doing this)
- Ordering a home inspection. (Where requested or required – Provided you’re not doing this)
- Ordering a pest inspection. (Where needed – Provided you’re not doing this)
- Ordering a title commitment.
- Ordering a septic inspection (Where needed – Provided you’re not doing this)
- Ordering well water testing (Where needed – Provided you’re not doing this)
- Addressing any deficiencies in any of the inspections and tests with you and you’re Real Estate Agent.
- Addressing any last minute documents that need your approval or signature.
You need to shop for Home Owner insurance and, where applicable, Flood insurance and provide a binder to your loan representative. You will also need to lock your interest rate in, if you have not locked your rate already.
That’s it really. There are other things that take place behind the scenes, but these are the major third party items that need to be done as part of your loan.
Once everything is submitted and cleared, your closing date will be solidified. At closing, expect to spend about 45 minutes to 2 hours signing documents and asking questions.