6 Things to Ask Before Closing on a HomeMarch, 14 2018
Are you finally closing on a home? If this is your first house, you probably have a lot of questions. This entire process has been exhausting, and you’re just ready to sit at the settlement table and exchange what is necessary. However, before you’re ready to close on your home, it’s important to understand all the questions you should be asking. The procedure is complicated and problems that arise can cause it to go on for much longer than is needed. The solution is to educate yourself on the key points related to closing a home. Here are the top 6 things you should be asking when you’re closing a home.
1. How do I work with my mortgage broker?
Your mortgage broker is going to be the one who closes the deal for you, so you’re going to be seeing them quite a bit. The mortgage broker will charge commission, usually averaging 1-2% of the home’s price. They’re going to be there when money and deeds are exchanged, and will help to eventually close the home. Be upfront with any questions, and don’t be afraid to ask, even if it seems obvious.
2. Why is title insurance important?
Title service in general is a vital aspect of closing a home. Before you close a deal, you’ll want to make sure that you won’t suffer any consequences down the line. For example, if there is still a mortgage payment owed on the home, the bank could potentially reclaim it, causing you to suffer for someone else’s mistake. Title insurance purchased with a title company will ensure that you’re protected from any potential problems.
3. Do I need a home inspection?
You will always want to make your home available for home inspection. If you close a deal without making sure everything is in working order, you could end up paying thousands of dollars for something related to a home you just purchased. For instance, extreme plumbing repairs that cost thousands of dollars will be caught in a home inspection, which can inform your buying process.
4. How long does it take?
Generally, the process of closing a home from start to finish takes about a month. But, problems can arise. Always leave extra time in your schedule to deal with any potential issues, to ensure you aren’t rushing to close a home.
5. Can I review the documents?
You have the right, legally, to review statements at least one full day before you close on the home. This gives you plenty of time to ensure you’re making a good deal. Don’t sign ASAP just to have those keys in your hand.
6. How is the neighborhood?
Double-check that this is the neighborhood where you want to live for at least a few years. Maybe even spend a day or so travelling around the area, visiting shops and grocery stores. You’ll gain a good feel for the place, making it easy to decide if the neighborhood is right for you.
Unsure about the process of closing on a home? Contact your local title service provider. Armour Settlement Services is here to help you find the home of your dreams without the hassle of complications. Call today!
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