7 Closing Tips for First-Time Homebuyers

Closing Tips For First-Time Home buyers
Closing Tips For First-Time Home buyers

Buying home can seem rather overwhelming than exciting and can be especially true at closing process. While closing is the final step in buying a property, many other things can also turn out to be wrong. However, dealing with the closing process as a first-time home buyer does not necessarily need to be frightening or confusing. If you are going to buy one of the Irvine homes for sale, following the below mentioned steps will ensure a smooth closing process.

  1. Select a Closing Date that Offers Plenty of Time to Move

Many first-time homebuyers mistakenly set a closing date that is just a few days before the lease to their rental space by assuming that packing and moving can be easily done. In fact, they are left rushing around to move while there is no scheduling in flexibility in case something may go wrong. Try to have at least a couple of weeks between the closing and moving date.

  1. Obtain Closing Documents Ahead of Time

Reading and understanding all the documents is very important before signing them but it can be quite challenging if you are already feeling too rushed. Try to get all the relevant documents a few days in advance so you can have some time to read them and ask questions, if any, before the closing date.

  1. Have a Cashier’s Check for the Down Payment

This may seem obvious but it is the most common issue for first-time homebuyers. When you are paying your down payment, it must be in the form of a cashier’s check as this is a safer form of payment. Make sure to talk to the bank teller in person to have a cashier’s check ready before having a closing meeting.

  1. Reserve Ample Time to Close

Setting a closing date on an urgent basis is not a good way to do it. Although closing must not take too long as it is suggested by real estate experts to prepare for unexpected delays. Set aside some hours so you can be able to handle any issues that may arise.

  1. Set Budget for Closing Costs

Most first-time buyers don’t realize that they need to set a budget for closing costs. Taxes, title insurance, surveys, and loan origination fee can quickly add up to the total cost. Therefore, it is essential to set some money aside for other costs before closing.

  1. Hire an Expert for Assistance

Assistance from an experienced professional can prove to be invaluable for first-time homebuyers. You may end up overlooking important things if you try to do everything on your own. Try to find a reputable mortgage lender and real estate agent who can guide you through the whole process.

  1. Complete All the Repairs

Talk to the seller to ensure any repairs they agreed upon to finish before closing. Set up a walkthrough inspection a day or two before closing so you can see if everything is in place.

These tips can have a significant impact on the closing process if you follow them. If you are not interested in Irvine homes for sale, you can also look for condos and town homes in the city according to the type of atmosphere you and your family wants to live in.

 

Author Bio: Ilean Jane is fun loving and loves to blog. She is a story teller, a foodie and looks forward to anything adventurous. She is a seasoned writer with experience in writing on any topic that catches her fancy. Currently she is working for Irvine Residential Living.