The day you close on your home is a big day, and we know how excited you are to get through the paperwork and move into your new house. But take some extra time in the days before your closing – and at closing! – to make sure you don’t create problems for yourself down the road.
Here are five mistakes buyers make at closing.
1. Not reviewing the documents in advance.
You can get a package of sample documents from Foote Title Group before your closing; just ask any of our team members. Review the documents with your agent, your loan officer, or any of our team members. Make sure you understand what you will be signing and know the terms of your loan. Don’t worry about making someone else happy. You need to make sure that the terms of the loan work for you.
2. Not having the proper payment.
You can’t write a personal check to cover your down payment or closing costs. In fact, a personal check for more than $500 will not be accepted at closing. Because fraud is on the rise, title companies will now only accept wire transfers. Be sure to allot the necessary time to set up the wire transfer.
3. Rushing through the paperwork.
Take your time and read the documents before you sign them. (See mistake No. 1, above.) Know what you are signing. You’re making one of the most important financial commitments you will ever make. There’s no rush.
4. Assuming you have all the answers.
Don’t understand part of the paperwork you’re signing? Speak up! Buying a home is a complicated process, and closing paperwork can seem confusing. If you don’t know what something means, ask. Never sign something you don’t understand.
5. Not speaking up when you think something is wrong.
As you read through the paperwork, you might feel uncomfortable or feel like something is wrong. Speak up. Don’t worry that closing may have to be delayed or rescheduled. We can only go on what the paperwork and you tell us as we prepare your closing. Please speak up if there’s something you’re not sure about.
What do you need to bring to closing? Here’s a list.