Joe McConnell
10. Prepare for the Closing Process
The closing process is the final step in buying a home, and being prepared can help ensure a smooth transaction. During closing, you’ll sign the necessary paperwork, pay closing costs, and officially take ownership of your new home.
Review the Closing Disclosure
Before closing, you’ll receive a closing disclosure outlining the final terms of your loan, including the interest rate, monthly payments, and closing costs. Review this document carefully to ensure that everything matches the terms you agreed to.
Be Ready for Closing Costs
Closing costs typically range from 2% to 5% of the home’s purchase price and include fees for the loan, title search, appraisal, and other services. Make sure you have the funds available to cover these costs, and be prepared to bring a certified check or arrange a wire transfer for payment.
Final Walk-Through
Schedule a final walk-through of the property before closing to ensure that any agreed-upon repairs have been completed and that the home is in the condition you expect. This is your last chance to address any issues before taking ownership.
