Finalize Your Financing / Prepare For Your Closing
Finalize Your Financing
Your Realtor will provide your Lender:
- A copy of the final sales contract
- An MLS printout for the listing
- Public record information
You will provide:
- Documents pertinent to loan application to your Lender
Your Lender will:
- Order the appraisal
- Prepare a new loan estimate of your settlement charges
- Help you obtain lender’s insurance
IMPORTANT: Please do not attempt to change lenders from the company which issued your commitment letter without fully discussing it with us. Changing lenders at this point creates the very real possibility of not being able to meet your settlement date, defaulting on your financing and/or placing your deposit in jeopardy.
Prepare for Your Closing
Choose Your Title Company
The Purchaser has the right to choose a title company or an attorney to conduct the settlement.
Our recommended title company is:
Timing of Settlement
A closing should be scheduled as soon as possible to insure that the most convenient time will be available. Settlement companies become very busy during the last week of each month. Request for a change in the date and time may not be possible as the settlement date approaches.
Title Search & Surveys
The settlement company will search the title and order any required surveys to make sure the title is free and clear of any encumbrances.
Obtain Homeowner’s and Hazard Insurance
Please do not leave this important task to the last minute. The Lender requires that your property is insured against damage and destruction and that you name the as the co-insured. This is referred to as hazard insurance. Homeowner’s insurance is hazard insurance plus liability and covers contents in the home. Your policy much be paid for and a binder issued prior to closing. Evidence of such must be delivered to the Lender prior to funding the loan.
Ask us for our personal recommendations for homeowner’s insurance.
Other tasks that should be handled during this time include:
- Arrange a moving company
- Contact your utility providers
- Finalize amount needed to close
- Arrange to obtain a cashier's check two days prior to closing or to have the funds wired before closing