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When you buy a home and the closing date is approaching, there are few steps you’ll need to take to ensure a seamless move. If you’re wondering what to do the week before closing on a house, check out the following list.
When you buy a home and the closing date is approaching, there are few steps you’ll need to take to ensure a seamless move. If you’re wondering what to do the week before closing on a house, check out the following list.
Here are 9 things to do the week before closing on a home.
A few days before closing, home buyers typically have an opportunity to conduct one final walkthrough inspection of the house they are buying. This is the buyer’s last chance to look at the property before signing all finalized paperwork to complete the sale. The real estate agent may do this walkthrough with you.
The final walkthrough is almost always conducted during the week prior to the closing. As a home buyer, you’re making sure that the property is still in the same condition it was in when you did your first visit, prior to making an offer. You want to make sure that all of the appliances are still present, and that there isn’t any new (significant) damage.
When you apply for a home loan, you will receive an estimate of the various fees and charges associated with the mortgage and the transfer of the property. Collectively, these are referred to as closing costs. Your closing costs may wholly or partially be covered by the earnest money you put up when you made an offer through the real estate agent, and you can cover any extra with a cashier’s check.
A few days before the closing, you should receive a finalized list of these closing costs in a document known as a closing disclosure. This is the actual amount you will need to bring in the form of the cashier’s check. This is another important step in the closing process that takes place sometime during the week leading up to the closing date.
Be sure to review your closing disclosure carefully, and compare it to the estimate of loan costs you formerly received. They should be pretty close to one another in regard to their substance and total amounts. If you have any questions about the closing disclosure, contact your loan officer.
For some home buyers, the week before closing is relatively calm and quiet. Everything is on track, and there’s nothing left to be resolved. That’s the best-case scenario.
But in some cases, there might be some last-minute underwriting issues that need to be resolved before the underwriter can declare the borrower “clear to close.” For example, your mortgage lender might need a letter of explanation regarding a certain bank deposit or withdrawal.
It’s best to handle any and all last-minute underwriting requests as quickly as possible, so they do not interfere with the closing process. Remember, at this stage of the mortgage process everybody basically wants the same thing. They want the loan to close and the title company to complete their end of things so you can move into your new home. It’s a collaborative effort.
Resist the temptation to apply for new lines of credit or make a big purchase while waiting for closing. When you’re approaching your closing date, it’s best to maintain the status quo. This means avoiding any major financial changes that could create obstacles during the underwriting process and put your mortgage loan in jeopardy.
For example, this probably isn’t the time to switch jobs, take out a personal loan, or make a huge purchase that could affect your bottom line. These things could require additional underwriting steps, or they may even put you outside the qualification parameters for your particular mortgage loan.
Homeowners insurance is almost always required when a mortgage loan is used to buy a house. Your mortgage lender will want to make sure that the home you are buying is habitable and is able to be covered before a loan is finalized, and that a payout goes to them to cover the loan balance if something happens to destroy your house.
So, if you haven’t done so already, this is another item to take care of during the week before closing. Not only will the mortgage lender require it, but it’s also something that will keep you safe and will provide you with financial coverage should something happen to your home and those in it. Depending on the specifics of your loan program, you may have to bring proof of homeowners insurance to the closing.
You’re going to need some help moving all of your belongings into your new home, especially if you’re moving from another home and are planning to transfer all your furnishings to your new place.
The last thing you want is to book movers for the day of closing only to have a hard time finding anyone available. You can save yourself this hassle by booking well in advance.
Even if you plan to use the help of friends, you’ll still need to organize who will be able to help you, as well as what vehicle you’ll be using to transport all your things. Planning this at least a week in advance is helpful.
While sellers should leave the premises in relatively clean condition, you’ll probably still feel more comfortable having the place thoroughly cleaned and sanitized before you move yourself and your family into the home.
You can always do this yourself, but it’s a big job. After dealing with all the moving and closing of your old home, the last thing you’ll want to have to deal with is cleaning the home top to bottom.
For a couple of hundred dollars, you can have professional cleaners handle this task. Then your new home will be all ready for you to move all your belongings in on moving day.
You want to make sure that the electricity, gas, and water is still operational when you move into your home.
Whether you move in the winter or summer, the furnace or air conditioner will need to be working when you move in, and that will require services from the utility companies.
Before you move in, make sure you call the utility companies and have the accounts switched over to your name so there is no halt in service. You might need some documents to get this task done, so call ahead to make sure.
If this is your first home, you’ll want to at least have a bed and sofa to lounge on when you first move in. Ideally, you’ll have everything you need when you take possession of the home. As such, you’ll want to order your furniture in advance so it’s ready to be moved into your new home.
Even if this is not your first home, you may have chosen to outfit it with different pieces, whether it’s because your old furniture doesn’t fit or you simply want something new and modern. Either way, ordering new pieces in advance will help ensure that they’re ready when it comes time to move into your new home.
If you were wondering what to do the week before closing on a home, wonder no more. With this list in hand, you’ll be in a very good position to ensure that all i’s are dotted and t’s are crossed for a seamless transition to your new home in WA state.
Sammamish Mortgage has been helping home buyers and homeowners with their mortgage needs since 1992. We currently lend in Washington, Oregon, Colorado, California and & Idaho. We offer a wide variety of mortgage programs and products with flexible qualification criteria. Please contact our staff if you have financing-related questions, or if you’d like to begin the qualification process.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.