Tips to a Stress-Free Home Closing
You’ve almost reached the end of the marathon that is the home buying experience; you put in an offer on the perfect home, negotiated a contract, found the right lender, and filled out all the paperwork. Now all that’s left is the closing! To make the process less tense – and tedious – follow these tips to a stress-free home closing.
- Set a convenient closing date
Work with the title company to set a closing time and date that is convenient for your schedule. Try to coincide the closing with the end of your lease or the closing on your current home. This prevents you from paying multiple rents or mortgages – or from being forced into a hotel for a few days. If you want to avoid missing work, schedule closing for the evening or over the weekend. Scheduling a closing at the end of the month will allow you pay the least amount of interest.
- Have funds on hand
Buyers often are responsible for paying final fees and costs at closing. Find out what forms of payment your title company accepts, as many do not accept personal check. If a cashier’s check is needed, ensure you know the exact amount required before heading to the bank.
- Line up new insurance
Shop around to find a homeowner’s insurance policy that will begin the day of your closing. The price of your policy will depend on the age, size, and features of your new home; many buyers are able to save money by bundling home and auto insurance.
It’s also important to understand what your new policy will or will not cover. Most insurance policies do not cover natural disasters such as earthquakes, hurricanes, or floods; if you live in an area prone to these hazards, additional policies may need to be purchased.
- Schedule a final walkthrough
Request to walk through the home one more time as close to closing as possible. This allows you to check that all requested repairs have been made, that there have been no major changes to the home, and that all appliances and electronics are still operating. A final walkthrough gives you the opportunity to address any remaining issues at closing.
Closing on your new home is the cherry on top of the home buying process. Be better prepared for the big day by following these tips!