Closing Day? Things To Know Before Getting Your Keys
You’ve been waiting for the right time to get the keys to your home. A house that you’ve worked hard for years saving up for a downpayment to raise your credit score while ensuring a steady flow of income. Well, it comes down to the final days of the loan process. A process that seems like it’s been forever. The question is, when do you get the keys to my new home?
Buying a home can be a daunting process. But, what you need is to move in as soon as possible. However, when will that happen? When will you get the keys to your first home? Find out what it takes to get to the day when you get the keys, what the day is officially called, and what you should expect on that day.
When Do I Get The Keys To My New Home?
Fortunately for a homebuyer, there is a timeframe from when you propose your bid to when you’ll get the keys to your first home. It can take approximately 40 to 50 days.
However, some essential steps should be taken before you become the official owner of the home.
Most homebuyers have a presumption that once the paperwork is signed, the sale is sealed. It is a false presumption.
There are aspects you must consider before calling it your house.
1. Financing
It would be best to get the remaining balance to fill in as the downpayment and closing expenses.
Downpayment is a fraction of the prospective property’s exact value paid upfront, about 1 to 3 percent of the ultimate buying price.
The money you reimburse the seller after they acknowledge your proposal is not part of a total down payment but an earnest money deposit. It is paid to ascertain that you’re interested and considerate about closing on the exchange.
Apart from the down payment, you’re also expected to cover the closing expenses.
2. The Purchase Agreement
These are the records that outline the conventional information on the agreement. These include information on the following:
- The customer
- The salesperson
- A description of the property
- It’s locale
- The suggested closing date
- The buying price, and
- The condition of the home.
You must comprehend the entire purchase agreement with the help of your loan officer to be aware of any if there are added items.
3. Any Other Essential Documents
You must be ready to sign all the documentation, such as:
- The deed. Physical documentation that transfers the property title from the agent to the prospect. Legal proof of ownership of the property.
- Title review. It is advantageous to the prospect and ensures no issue can impede the closing.
- Also called the deed of trust, it’s a pact between the prospect and the mortgage lender.
Prepare for The Closing Day
A homebuyer gets the keys to their first home during the closing day. When all legal documentation is signed, settlement made, and the deed filed at the county recorder’s office.
It can be a hectic day, and the homebuyer might feel nervous. It is filled with excitement and anxiety.
Therefore, you must ensure that you have the following in order as you wait for the closing day:
- You’re not spending your savings but investing
- Make a wise financial decision
- Know your mortgage expiration date
- Everyone on the mortgage has their identification
- Double-check all the legal documentation
You can also reach out to your loan officer to determine whether additional items are needed to get your keys smoothly. Finally, you can have your keys to your new home! The officers at First Savings are ready to explain the home buying process if you’re interested in starting this journey.