Steps to a Smooth Closing Atlanta GA

A home is the biggest purchase most people will make. It can be particularly daunting your first time, and the last thing you want is an unforeseen complication.

So from deciding you want to buy a home to closing day, here’s a list of tips to make sure everything is in order:

• Go mortgage shopping.  Do you go to several dealers to get the best price on a new car? People who want to save money do. A mortgage should be no different. Many lenders specialize in certain types of loans, regions or credit histories. Make sure you shop around and compare offers so that you’re working with the lender that best meets your needs. There are numerous things to consider: the type of mortgage, the term, the lender. Get as much information as you can.
• Get pre-approved.  Before you get too involved looking for a home, go ahead and get cleared by a lender. By being pre-approved, you know how much you can afford on a new home. You can also present the seller with more attractive terms and negotiate a better price. It also gives you an edge over other buyers who don’t have financing arranged yet.
• Save money for closing costs.  You will also need to reserve some funds for closing costs Expect these one-time fees and charges to range from 2 percent to 6 percent of the loan. Your lender will give you a good faith estimate of these fees so you’re not caught by surprise on closing day. Be sure to review it and ask your lender about any fees you don’t understand. These costs must be paid in cash (usually a certified check) at closing and cannot come from borrowed funds.
• Hire a home inspector.  You should never agree to buy a home until it passes a top-to-bottom inspection. Often, your real estate agent can suggest a home inspection company. Be sure to get a detailed, written report and attend the inspection so you can ask questions and discuss concerns. Sometimes an inspection will turn up problems that aren’t deal-breakers but are things you might ask the seller to fix.
• Title search.  To be sure you’re buying the house from its legal owner, your lawyer should search the title records. This fee is usually paid at closing. Your lawyer also needs to confirm during the search that there are no liens (claims on the property as security for money owed), overdue special assessments or other claims or outstanding restrictive covenants filed on record.
• Get home insurance.  Before closing, your lender will require proof of a valid homeowner’s insurance policy. As with your loan, shop around for the best value. If your new home is low-lying and near a body of water, check into separate flood insurance too.
• Set a move-in date.  When you sign a purchase agreement, you and the seller need to decide when you will take possession of the home and when you will move in. Put the agreement in writing. If you plan on hiring a professional mover, compare rates and services. Get recommendations from previous customers.
• Get a copy of the settlement statement.  Before closing, make sure your lender gives you a copy of the settlement statement (also known as a HUD-1). It indicates the total amount of money you will need at closing to cover the balance owed on the property and other disbursements. It also gives you a chance to iron out any discrepancies. You will then be prepared at settlement to pay the outstanding balance so the title can be transferred over into your name.