Your state may have its own requirements for closing on a home.
25. Become Familiar With Closing Laws in Your State
Each state has different laws regarding closing on homes. Being familiar with those laws can prepare you for whatever may happen during the closing process. You may be required to get a home inspection or waiver on the inspection, make a final walk-through, and get documents signed and notarized.
Your real estate agent will be familiar with the closing laws in your particular state; this is yet another reason why finding a good agent is an absolute must at the beginning of the home-buying process. If you have any questions, check with your real estate agent.
If your loan was pre-approved when you began the home-buying process, then closing on the home will be much, much faster than if you were only pre-qualified. All of your financial information has already been verified, so as long as there aren’t any surprises, you might get your home closed within a few weeks.
The closing process ends when the deed to the home comes out of escrow, and your funds are released to the seller. Congratulations, you will be completely broke but will be able to move into your dream home.
Once your mortgage is underwritten, you are almost ready to move in.
27. Get Your Loan Underwritten
For the home closing to go through, your loan has to get underwritten by the mortgage company. This means that they have to actually release the funds to the seller and hold you legally responsible for the repayment.
If you did all of your homework at the beginning of the process, then there won’t be any surprises here. However, if there were things hidden from your credit report, if your job or marital status changed, or if you made any big purchases from the time you got pre-approved, your loan may not get underwritten. Meaning, you got to the end of the process but will not be able to close on the home.
Make sure that your home is safe before you move in.
28. Begin Making Repairs on Your New Home
Depending on the repairs that you need to make to your home, you’ll want to begin making repairs before you move in. It is especially important if there are significant repairs concerning safety, such as the removal of lead paint or replacing damaged electrical systems.
Some repairs may be minor and can be done when you have already moved in. If you are on a time frame, you may elect to perform repairs once you are already in. However, make sure that these repairs will not compromise yours or your family’s safety.
It’s time to get ready for the big day! Begin packing your stuff up and get prepared to move. Living in cramped quarters, like in a small apartment or with a family member? Living in this situation while saving for a deposit and going through the home-buying process probably makes you motivated to start packing and head out.
Make sure that you pack carefully and label boxes correctly. This makes unpacking and moving in go much more smoothly. Make sure that fragile items are carefully wrapped. You want move-in day to be a celebration, not a headache!
All of your hard work will pay off when you move into your new home.
30. Move Into Your New Home
Now it is time to move into your new home. Use a moving company! The movers will pack everything for you and move everything into your new home. All that you will need to do is unpack all of your items and arrange them in your new home.
Time to decorate, arrange furniture, do everything that you need to do to get your new home looking perfect. Do something special to commemorate that you are finally in your new home. Pop upon a bottle of champagne or have a house-warming party. Congratulations!