If buying a home is a marathon, the closing table is the finish line. Getting there can be a challenge, and when you arrive at the final stretch in your journey to home ownership, you want to be sure that you do all the right things to finish strong. Check out our tips for a successful closing on your first home so you can get those keys with minimal hassle and stress.
Give Yourself Plenty of Time
The amount of time your closing will take depends on many factors, and unfortunately, most are completely out of your control. While ideally the closing could only take an hour, sometimes delays, disputes and paperwork questions can hamper the process and make it take significantly longer. You don’t want to be stressing about your timeline at the closing table, so give yourself ample time for your closing meeting, even taking the day off completely if you can. After all, you’ll have the keys to your new home once the meeting is done!
Make Sure You Have Your Documents
After the lengthy whirlwind of paperwork that is the mortgage application process, you might feel relieved that the days of submitting documents is over once you get to the closing table, but not so fast. There are still items and documents you will need to bring with you, and your lender will give you a complete list of what you need to bring to make sure your closing goes smoothly. Once you get your list, gather all the items that your lender requests, so that you’re not left scrambling.
Get Your Cash to Close
You’ve likely been saving up for your down payment for a long time, or maybe you received the down payment assistance available with the NC Home Advantage Mortgage™, and now is the time to use it! When you go to the closing table, your agreed-upon down payment comes due, and it is important to set up the certified check or the wire transfer in advance. You will also be expected to pay closing costs and other fees. Make sure you get your cash to close sorted out early, just in case there are any issues that arise, so you can close on time.
Crossing the finish line at the closing table is exciting, and is the last step before you become a homeowner. For more home buying resources and to learn all the ways the NC Housing Finance Agency might be able to make home ownership affordable for you, visit www.nchfa.com/home-buyers.