Do This Before Closing on Your Mortgage
Maurie Backman provides some insight into what you need to do:
- Secure Homeowners’ Insurance.
Most folks are aware that they’ll need insurance upon occupying a new home, but you may not realize that most lenders insist that a policy be in place prior to consummation.
- Review Your Loan Documents In Advance.
One way to help ensure that your closing goes as planned is to review your loan documents in the days prior.
- Bring the Right Forms — and the Cash.
Another good reason to study your closing settlement documents in advance is to know how much you’re expected to pay on the big day.
- Avoid Major Last-Minute Transactions.
Though you can’t get to the point of having a closing date without having gone through the initial approval process, your loan technically isn’t set in stone until you actually complete the right paperwork and hand over that cash.