There are a few things you should do when buying a house and the closing date is drawing near to guarantee a smooth transition. If you’re wondering what to do the week before closing on a house, check out the following list.
There are a few things you should do when buying a house and the closing date is drawing near to guarantee a smooth transition. If you’re wondering what to do the week before closing on a house, check out the following list.
Buying a house is an exciting milestone, but the process can feel overwhelming, especially as you approach the closing date The week before closing is crucial, as it’s the final stretch before you officially become a homeowner To ensure a smooth transition, it’s important to understand what happens during this critical week and how to prepare.
Key Activities in the Week Leading Up to Closing
1 Final Walkthrough:
This is your last chance to inspect the property before finalizing the purchase. Ensure everything is in order including appliances fixtures, and any agreed-upon repairs. If you notice any discrepancies, address them with your real estate agent immediately.
2. Review Closing Disclosure:
This document lists all of the closing costs, taxes, and any down payment that needs to be paid for the purchase. Carefully review the document and compare it to your initial loan estimate. Please do not hesitate to contact your settlement agent or lender with any questions.
3. Address Underwriting Requests:
In some cases, lenders may require additional documentation or clarification before finalizing the loan approval. Respond to these requests promptly to avoid delays in closing.
4. Maintain Financial Stability:
Avoid making significant financial changes, such as opening new credit lines or taking out loans, as these could impact your creditworthiness and jeopardize the loan approval.
5. Secure Homeowners Insurance:
Most lenders require proof of homeowners insurance before closing. Get a policy that fits your needs and offers sufficient protection for your recently purchased property.
6. Schedule and Confirm Movers:
Moving is a significant undertaking, so book your movers well in advance to secure your preferred date and avoid last-minute scrambling.
7. Consider Professional Cleaning:
While not mandatory, hiring professional cleaners can ensure your new home is spotless and ready for you to move in.
8. Arrange Utility Transfer:
Contact utility companies to schedule the transfer of services to your name on the closing date. This ensures uninterrupted electricity, gas, and water upon moving in.
9. Order Furniture (if needed):
If you need new furniture for your new home, order it in advance to ensure timely delivery and avoid delays in settling into your new space.
Additional Tips for a Smooth Closing
- Gather necessary documents: Prepare important documents like your driver’s license, proof of income, and homeowner’s insurance policy.
- Clarify closing procedures: Discuss the closing process with your lender or settlement agent to understand the steps involved and what to expect.
- Bring certified funds: Ensure you have the required funds in the form of a certified check or wire transfer to cover closing costs and any remaining down payment.
- Ask questions: Don’t hesitate to ask questions if anything is unclear. The closing process can be complex, so seeking clarification is crucial.
- Stay organized: Keep all paperwork and documents related to the closing process organized for easy reference.
The week before closing on a house is a busy but exciting time. By understanding the key activities and following these tips, you can ensure a smooth and successful closing experience, paving the way for a happy and fulfilling life in your new home.
Moving companies book up quickly
The last thing you want is to hire movers for your closing day and then struggle to find anyone to come. You can save yourself this hassle by booking well in advance.
You will still need to arrange for assistance from friends, so make sure to plan who can help you and what kind of vehicle you’ll be using to carry everything. Planning this at least a week in advance is helpful.
Make sure you have your homeowners insurance policy in place
Homeowners insurance is almost always required when a mortgage loan is used to buy a house. Before approving a loan, your mortgage lender will want to ensure that the house you are purchasing is livable, that it can be paid for, and that they will receive payment to cover the remaining loan amount in the event that your home is destroyed.
What Happens the Week Before Closing on A House
FAQ
What happens 3 days before closing?
What to do 10 days before closing?
How many days before closing is loan approved?
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Milestone
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Time to Complete
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Appraisal
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1-2 weeks for completion
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Underwriting
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1 to 3 days for initial review
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Conditional Approval
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1 to 2 weeks for additional underwriting review and clearing of conditions
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Cleared to Close
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3 day mandated minimum for acknowledging Closing Disclosure
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What happens 24 hours before closing?
What happens the week before closing?
The week before closing is an exciting time for buyers and sellers alike. It’s been a long journey for both sides, and within a week the buyer will have a new home and the seller will be off on their next adventure. But this last week is also bustling with activity — here’s what you’ll be doing.
What happens a week before closing on a home loan?
A week before closing, these costs are finalized and presented to you for review. This is the actual total you will need to bring to closing in the form of a cashier’s check. In most cases, your loan will go through with no issues.
What is a home closing?
Also known as “settlement” or “escrow,” closing is the day home buyers officially take ownership of a home. Here’s what to expect from the closing process.
What is closing & when does it happen?
1. What Is Closing and When Does It Happen? Closing is the final step before that house is finally freakin’ yours! Your closing date is the day you become the legal owner of your new home. During the contract negotiation phase, you (the buyer) and the seller set a closing date, which must be listed on the purchase agreement contract.