You've come a long way, baby. After setting a budget, you searched and searched for just the right house. Once you found it, you put in your offer. The seller accepted. Now, you're in escrow. You're in the final stretch now. But before your final Havasu home closing, you still need to perform some very important tasks.
Havasu Home Closing: Your Last-Minute Checklist
Before your Havasu home closing can become official, you need to make sure that all contingencies have been finalized. Some common contingencies include the home inspection, an appraisal, and financing. Hopefully, you made sure your financing was in place before you started looking. That might take some time to complete. So, the sooner you start, the better.
Before you become the official owner of your Lake Havasu home, you need to perform a title search and purchase title insurance. The search allows you to see if anyone other than the seller claims ownership of the property. The insurance protects you against anyone trying to stake a claim on your house once you take ownership. Make sure you have a clean and clear title. You choose which title company you'd like to perform the search. Talk to your Lake Havasu REALTOR® or lender about who they would recommend performing this task.
Another step in the Havasu home closing process is, of course, money. Get your final mortgage approval. The underwriter conducts a final review of your credit score, appraisal, and current financial standing before making the final approval on your mortgage in order to make sure nothing has changed since you initially began the mortgage process. As long as you haven't made any new purchases or significant changes in employment, you should be fine. But you'll need the actual approval at the closing table.
Closing Disclosure Form
Lenders are required by law to provide a closing disclosure form (formerly known as the HUD-1) to the buyer no later than three days before closing. This form states in detail the terms of your loan, the mortgage payment, interest rate, and all your closing costs. Take a moment to review this document thoroughly. If you find any discrepancies, make a note of them and ask the lender to explain them further. You do not want to sign your final documents until you feel like you understand what you are signing. After all, this is a huge financial investment. You're entitled to have all aspects explained to you.
Next on the Havasu home closing checklist: take a final walk-through on the day before closing. You want to make sure that the house is in order according to your purchase agreement. This includes ensuring that all agreed upon appliances stay and that all contingency repairs were completed to your satisfaction.
Finally, bring all required documents with you when you sign your final paperwork. This includes inspection reports, proof of homeowner's insurance, a valid photo ID, a copy of your sales contract, and anything the bank needed for loan approval. If you have any questions, simply ask your REALTOR®. They may already have some of this paperwork ready for you.
I know it's been a long time coming. But, don't sweat it. You're in the final countdown. Just make sure you perform all these last-minute tasks before your Havasu home closing. That home will be yours soon enough.