8 Finalizing your mortgage and preparing for closing

Описание: You've passed the inspection and are one step closer to calling your new house home. Now it's time to finalize your mortgage and prepare for closing. As a realtor, I do this every day, but we understand that you may have never gone through this process—or maybe it’s been a while. And just like everything else, things change quickly.
Main Content (1.5-2 minutes)
1. Finalizing Your Mortgage: After your offer is accepted and the inspection is complete, you’ll work closely with your lender to finalize your mortgage. This means verifying your financial details one last time and confirming the loan amount, interest rate, and terms. When you’re at this point in the process it’s important to remember that you should not go out and make any other major purchases or make any job changes.
2. Gathering Final Documentation: Your lender might ask for updated documents such as recent bank statements or employment verification. Be prepared to provide these quickly to avoid delays.
3. Title Search & Insurance: The title company will provide you with a contact from their company and they will help with the title search, the search is performed to ensure there are no liens or legal issues with the property. You'll also need to secure homeowner’s insurance, which is required before closing. Often times you can buy homeowner’s insurance through the same company you have your auto insurance with and receive discounts for “bundling” your insurance needs.
4. Reviewing the Closing Disclosure: A few days before closing, you’ll receive a Closing Disclosure that outlines all final terms and closing costs. This document is known as an ALTA which stands for American Land title association. Review it carefully and ask questions of your agent or your closer if something isn’t clear.
5. Preparing for Closing Day: On closing day, you’ll sign several documents to finalize your mortgage and transfer ownership. After all the paperwork is completed and funds are transferred, the home officially becomes yours!
Finalizing your mortgage and preparing for closing can seem daunting, but with the right guidance, it becomes a smooth process. If you have any questions or need help understanding any documents, feel free to reach out—I'm here to help.
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00:00 Introduction
00:53 finalizing your mortgage
01:23 gathering final documentation for your lender
01:39 title search and homeowners insurance
02:12 reviewing the title disclosures and ALTA
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*All stats, data, house pricing, and anything else mentioned is always subject to change and is provided merely as an example at the time of this recording*
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Minneapolis, Minnesota Real Estate Agent | Minnesota Real Estate License: 40725496
NextHome & Centra Homes
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