Buying a home can be both exciting and scary. Mostly, it's a game of "hurry up and wait". You rush to get paperwork in to your lender. Then, you wait. As you enter the final stretch, you'll need to perform a few last-minute tasks in order to complete the process. Here is your Tucson home closing checklist so that you don't miss anything.
Tucson Home Closing Checklist
The first item on the Tucson home closing checklist is the contingencies. Common contingencies include a home inspection, appraisal, and financing. Make sure any contingencies outlined in your purchase agreement have been completed. If something goes wrong with any of these contingencies, you'll be able to back out of the contract without losing your Earnest Money Deposit.
The next item on the Tucson home closing checklist is clearing the title. Most lenders require a title search. This shows you who claims ownership of the home as well as brings up any liens against the property. When you take ownership of the property, it leaves you vulnerable to any liens currently filed with the home. You might want to take out title insurance to protect you in case someone claims that there's an outstanding lien due.
Final Loan Approval
After clearing the contingencies and the title, the next item on your Tucson home closing checklist is getting final approval on your mortgage loan. Hopefully, you started the process before you went looking at properties. Whether it's a conventional, VA or FHA loan, the final approval can't happen until there's an actual address to add to the contract and it goes to the underwriter's desk. This is why it's so important that you don't make any major purchases (furniture, car, appliances, etc.) until after you sign your final paperwork. Keep any purchases outside of your normal daily routine to a minimum. Changes in spending patterns throw up red flags to the underwriter and may cause them to decline your loan no matter how big or small they may be.
At least three days before final closing, you'll receive your closing disclosure form. This form clearly states what your mortgage payments will be, the interest rate you're paying on your loan, the terms of the loan, and your closing costs. Look it over thoroughly. Compare it to the loan estimate you received from your lender when you started the financing process. If you see any discrepancies between the two forms, talk to your lender to find out why they changed. Most often, these changes are justified. However, occasionally, they might be due to a clerical error. Either way, you need to know.
To finish your Tucson home closing checklist, do one last walk-through. Most contracts allow a buyer to visually inspect a property one last time before they sign the final paperwork. This usually happens the day before you close. You want to make sure that the property is being handed over to you in the condition you and the seller both agreed upon in your sales contract. If you see any problems, raise them immediately with your agent so that they can be dealt with right away.
Relax. Once all of these items on your Tucson home closing checklist are complete, all that's left is signing the final paperwork. Then, you receive the keys to your new home and you get to move in. Congratulations!