Steps to a Stress Free Closing

By doing a little homework before it's time to sign paperwork in escrow you will feel confidant during the process of closing you home. Below are 6 simple steps to a stress free closing for all buyers. 

1. Set a Closing Date: Make sure to choose a closing date that fits with the end of you lease or the sale of your current home. Choosing a date at the end of the month will save you money in interest as it is prorated. 
2. Funds: If you are required to bring funds to the closing make sure to transfer it to a liquid bank account to avoid last- minute problems. 
3. Title Insurance: Title insurance protects the policyholder against trouble with a home’s title. You should also consider purchasing what’s called an owner’s title policy, which protects you from fraudulent claims against your ownership and errors in earlier sales.
4. Homeowners Insurance: Make sure to line up homeowners insurance prior to closing on your home. Get quotes and compare policies. Depending on the size, area, etc annual policies should between $500- $1000. 
5. Walk Through: Before closing on your home make sure to walk through to ensure all repairs you requested have been done. If any times have not been met to your standards make sure to identify this during the walk through. In some states you may delay closing until it is done. 
6. Paperwork: Review your good faith estimate and HUD-1 estimate sheet. Your lender must provide a good-faith estimate of your closing fees. Some of those fees can’t change, and others can rise by 10%. Before you go to the closing, read your good-faith estimate, compare it with your HUD-1 settlement statement, and question any fees that increased.