Buying a home can be overwhelming. With so many things to know, your to-do list seems never ending. Closing the deal is like the light at the end of the tunnel however, it comes with its own set of challenges. Here’s what to consider in the final stages of purchasing your home:
Understand the documents
Buying a home comes with a lot of paperwork. It’s important to make sure you know what you’re getting in to. Consider hiring a lawyer to help you with this step. Getting legal aid is especially important during the final stages of the transaction. Contracts, deeds, surveys and policies can get a little confusing for the average Joe. Take note of the things you don’t understand and ask questions. Lawyers speak the language and can make sure that you understand it too.
Open an Escrow account
This is a third-party account on behalf of the two principal parties involved in the transaction. Having a neutral third party ensures that neither the buyer or the seller get the short end of the stick. It also guarantees a secure transaction.
Complete a home inspection
This is a physical inspection of your potential home. The inspection allows you to know if there are any issues with the property. It also gives you the opportunity to back out of the deal, renegotiate your offer, or ask the seller to fix any problems you may find. As long as your purchase offer included a home-inspection contingency, you’re golden.
Get pre-approved for a mortgage
A mortgage pre-approval confirms the amount you qualify to borrow and protects you from rate increases for up to 120 days. While it’s not necessary, this step will help you get to the closing stages of the deal faster. This gives you some leverage when negotiating and saves time by helping you search only for homes in your budget.
Ready to get pre-approved for your mortgage? We can help. At MorgagesMadeEasy.com, that’s all we do. We compare rates from over 30 lenders, including the big banks, so you always get the best deal.
You can use our secure online form to apply for your mortgage pre-approval. We’ll get back to you on the same day with a mortgage tailored to your specific situation.
Questions? Book a free consultation. We’ll gladly walk you through the process and explain everything you need to know to buy your dream home.