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Now that you are under contract what do you do now?
- Mortgage Application: You have a limited number of days to make your application, so call your lender A.S.A.P. (If you are pre-approved, just follow up with your lender) The checklist for what you need to accomplish is enclosed. Your lender will assign a processor for your loan. You will have questions about the loan best answered by the assigned processor. When the lender sends your paper work or assigns you tasks, you will need to complete and/or return the documents as soon as possible, delays will hold up your loan processing and could delay you from going to closing on time.
- Inspections: If you are having inspections done on the property they must be completed within the given time frame within your contract. A collaboration of efforts between you and your agent will accomplish this task. Communicate the schedules and the results of the inspections with your agent.
- Home Owners Insurance: If you currently have an insurance policy from your home, auto or a renter's policy, contact your insurance agent for the addition or the need for insurance on your new property. Bring your "Paid Receipt" and or the binder for the 1-year premium to closing.
- Utilities: You will need to have your utilities transferred or turned on under your name prior to closing. Be sure the utilities will be on for your walk through.
- Walk-through: Usually the walk-through is done an hour or so before settlement. We will be checking to see that everything is in working order as it was when the contract was written.
- Give Notice: If you are currently a renter, give notice to your landlord that you are planning on moving or closing on x-date. You may want to stay on good terms with the landlord, the lender will be contacting him/her for a reference.
- Start Packing and send out notices: Enjoy!
- Cashier's Check or Money Order: You will need either of these for closing. You won't know the exact dollar amount of the check until the day before closing. We know that this is nerve wracking but the "statement of Estimated Costs" are quite accurate, it is however, an estimate and the actual figure is calculated just before closing.
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