How to Get Ready for Closing

Arrowhead Title knows that getting ready for the closing date on your home can be stressful and worrisome, especially if you are a first time home buyer or if it has been several years since you've purchased a home. We are the best title agency at the Lake of the Ozarks, so we know what it takes to facilitate a smooth closing day. Read on to learn a few tips from us about how to get ready for your closing date.

The Closing Process

During the closing on your new home, there are several steps you and the seller will go through. In the end, the formal transfer of ownership from the seller to you will occur and the home will be yours! Here are the general steps included in the closing process that you can prepare for:
  • Title Search and Examination
  • Document Preparation
  • Issuing Title Insurance
  • Closing Transaction
  • Setting Up Escrow

DO These Things

  1. Stay prompt with your underwriter and mortgage lender. There will be a lot of steps and information required from you in order to get to the final stage of closing. You may be tempted to delay certain responses, particularly if they feel uncomfortable like asking for a letter from someone that has gifted you money for the deposit. However, if you wait too long, your closing date could be delayed. The mortgage lenders and underwriters may not give you a great idea on when they need to receive documents in order to avoid delay, so it's best to respond and send information as soon as possible.
  2. Keep important documents in one folder on your computer. Hopefully you have selected a reputable mortgage lending company that is well organized and efficient. However, every now and then you may come across someone that is scatterbrained and asks for the same documents and paperwork several times. Have your own back by keeping a folder on your computer with all of the important scans and necessary information.
  3. Request a formal walk-through. Your home inspection has already been completed at this point, and you are in love with your new home. It is a good idea to schedule one final walk-through before the official closing to make sure nothing dramatic has happened between the inspection and the closing date. While it may not be likely, what if a tree has fallen on the roof? Or what if squatters broke in and ruined a window and the carpeting? It's important to do this last walk-through to make sure you know exactly what you're buying when you sign the final documents at closing.
  4. Make a list of what to bring with you. At closing, you will need to have your identification (and the identification of anyone else purchasing the home with you), proof of your homeowner's insurance, a copy of the purchase contract, and your checkbook or a Cashier's Check for the closing costs and/or deposit. Check with your title company and realtor to see if anything else will be necessary at closing.

AVOID These Actions

  1. Make a career change. If you suddenly quit your job and start a new one, it could look very unstable in the eyes of the underwriters. Even if it is something you have been planning to do for years, the underwriters and lenders interpret it as instability and you could very easily lose your dream home.
  2. Buy a large item. A common way that home buyers lose their chance at a new home is to buy a major item during the closing process. If you are thinking about buying a new car, a boat, or any other expensive item... Stop! It is much better to wait until your home closing is finalized than to go ahead with the purchase and potentially lose your home. Taking on more debt or spending a large sum of cash is another red flag to underwriters and they will likely penalize you heavily for it.
  3. Change bank accounts. Perhaps you just got married, you're buying your first home, and you want to switch banks and open a joint account. It is important that you wait to do this until after closing. A switch in banks can make the underwriting process very confusing as bank statements are an important part of the documentation process.
  4. Open or close credit lines. Really anything that can drastically change your credit is a bad idea to do during the closing process. Underwriters keep a very watchful eye on your accounts, and asking for more credit can look very bad in their eyes. Protect your new investment in the home of your dreams and put everything else on hold for a little while.

Real Estate Closing at the Lake

You want to use a reliable, trustworthy, and accurate title company that is going to put you first throughout your real estate transaction. Trust Arrowhead Title for the best title and escrow services at the Lake of the Ozarks! We strive to serve you with the highest-quality service. Visit our website to learn more about the services we offer. We can't wait to serve you!

Where Accuracy Matters!

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750 Bagnell Dam Blvd Suite B
Lake Ozark, MO 65049


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