Buying your first home is an exciting time. New home buyers may be unaware of what happens during the closing process from contract to funding. Here’s an overview of what to expect.
Once the contract is put in on the home, the title company Jacksonville Beach goes to work researching the title on the property. This is an essential step that can take 7-10 business days to complete. The title search is one reason why the closing process takes a minimum of 30 days for most homeowners. Title research looks into who owns the house, any deed restrictions and any liens currently on the home.
While title is working on their research and preparing the closing documents, it is important for you to complete other items on the checklist. You need to speak to your home mortgage professional and provide them with any other available documents they need. Getting this process started early can bring you peace of mind that your funding is ready to go before closing. A home inspection is crucial to do early to give the current owner time to make any repairs. The homeowner can do the repairs or in some cases offer money to you at closing to cover those costs such as a new roof. A mortgage company requires an appraisal to be done on the home to make sure the home is worth what you are paying for it. Call your insurance company to set up homeowner’s insurance to start on the day of closing. A mortgage company requires the insurance. You can often get cheaper rates by finding your own company rather than using theirs.
Once you have these documents, you are about ready to close. Bring any paperwork the title company tells you to bring along with your photo ID to the location on closing day. Have the closing funds ready in a cashier’s check or certified check. You’ll know the final amount due prior to closing. Once the home is funded, you get the keys and can move in.