Understanding The Closing Process

closingIf you are a first-time home buyer, you probably have a lot of questions about how the entire process will work. Closing on your home will be extremely important because it will signify the moment when you realize it is now really yours. Closing, however, isn’t as easy as it may sound. Yes, there will be a transfer of both money and keys, but it takes a lot to get there first. Dean Graziosi has simplified the process by making it easier to understand.

Timing is an important consideration. You’ll need to schedule the closing around various events. If you are currently renting, the closing should be scheduled around the time your lease will end. If you will begin any remodeling projects or renovations before moving in, you should close a couple of months ahead of the time when your lease will expire. That way you’ll still have somewhere to live while the work on your home is taking place. You’ll also have plenty of time to renovate and there won’t be as much pressure to hurry up and get the work done.

If you are not a first-time home buyer and you currently own the home in which you are living, two closing dates will need to be juggled. Chances are, you’ll use the cash made out of the house you are selling to help pay for the one you are buying, so you will want to schedule both closings in the proper order. If they will both take place on the same day, you will be under added stress, but some people choose this option because it gets it all over with quickly.

Plan your time accordingly. While most closings don’t take very long, you never know what may occur, so you’ll want to have plenty of time to work with when the big day arrives.

Know the costs. You will have heard a lot about the closing costs prior to the big day, but you’ll need to begin planning and saving way ahead of time. Know how much you will need to pay and budget and plan accordingly.

Understand the paperwork. There will be a lot of documents you will need to sign, and knowing what they all mean is crucial. You will be signing your name several times, and there will be a lot of paperwork to go through. Knowing what it will all mean prior to your closing date will help the process go more quickly and smoothly. As an article posted on bankrate.com points out, there will be documents common to most closings and others specific to your situation or area. You can learn more about this and other real estate topics by visiting Dean Graziosi’s website.

 

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