In parts one and two of this multi-part blog series, we’ve gone over all the general steps that are found within a typical mortgage and homebuying timeline. While this process may seem complex to those just entering it for the first time, it’s actually relatively straightforward once you know all the important crux points – but at the same time, there are definitely some important themes to keep in mind throughout various parts of the process.
At VIP Mortgage Inc, we’re happy to help with a variety of mortgage services, from helping you identify the best possible mortgage rates to finding you an idea mortgage program and assisting you with offers plus several other parts of the mortgage timeline. In today’s final entry in our series, we’ll go over some of the later parts of the mortgage process, including how to prepare for and execute closing on your new home.
We went over a couple forms of insurance in part two of our series, but title insurance deserves its own section here. Luckily, this is an area where buyers have to do very little (or even no) work: Your title company is mostly in charge here, performing the proper searches to find you and your lender ideal title insurance policies.
This search process may take up to 15 days for your title company, though it’s often much faster. This will depend on the specific property that’s under contract.
Just a few days ahead of your scheduled closing date on your new home, your lender will prepare closing documents that will be issued to you. These will contain all the basic information that’s pertinent for the mortgage, from the interest rate and term period to factors like private mortgage insurance and more. When you receive the closing documents, you should review them with your loan officer and/or your realtor, ensuring there are no errors or issues that need to be corrected.
Another important element that should be considered before closing day is the funds that will be changing hands, both for a down payment and other closing costs. Be sure you’ve obtained detailed, specific directions from your lender on how and when these funds will be transferred, plus that you take all the appropriate precautions to avoid risks of wire fraud.
Finally, the big day is here: Closing day. In the past, closing day would typically be attended by the buyer, realtor and possibly other parties; today, due to COVID-19 and our general technological improvements, some closing days are carried out via courier or even virtually. Closing day will involve signing several important documents, plus receiving the deed of ownership on the home.
For more on the steps in the mortgage and homebuying process, or to learn about any of our home loan services or mortgage rates, speak to the staff at VIP Mortgage Inc. today.