The time has come for you to close on your new house. First thing’s first: congratulations! For all the excitement, you may be nervous about having everything in order when closing day arrives. Which is exactly why we want to present you a short list of things you should do before closing on your new home.


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Most purchase agreements have contingencies. Common contingencies include home inspections, appraisal, and financing contingencies. Home inspections gives buyers the right to have the home inspected and request things be fixed. Appraisal contingencies, used to ensure property is valued for at least the sales price, and allows you to back out of a deal without losing your deposit. Finally, financing contingencies gives you the right to back out of a deal should your mortgage approval fall through—also without losing your deposit. Buyers should understand their role in the approval process and take the necessary actions.


Mortgage Approval

Speaking of your mortgage approval, you should know there is an underwriting process. The underwriter will check your credit score, your home appraisal, and ensure your finances. Underwriters will make sure you have reported your finances accurately and approve your mortgage application. Remember: you can still be denied a mortgage loan even after you’ve been pre-approved by a lender as the pre-approval is not a guarantee. 


Title Insurance

When you buy a house or any other property, you take title of the property to establish your legal ownership of it. Title insurance protects you from any other claims made on the house. Claims on the property may be made on your property even though you own it. Title insurance ensures that your investment is protected from loss or damage from liens, encumbrances, or defects in the title or actual ownership of the property. Read More about Title Insurance Here.


Come Prepared

When you arrive at the closing office, there are several things that you should come prepared with. Bring a government-issued photo ID and any other bank paperwork required by the lender.

Speaking of your loan, the best way to prepare this is to thoroughly review your closing disclosure or settlement statement. You’ll want to compare your closing disclosure to the loan estimate that your lender gave you: if you notice any discrepancies, ask your lender to explain them.

When you’re so close to owning a new home, you don’t want something completely avoidable to mess it all up. That’s why you should assemble a team consisting of a realtor, a mortgage professional, and, of course, a title insurance agent. On average, the closing process takes 41 days because a substantial amount of transactions encounter some delay before closing—nearly half of them because of some financial issues.