Mortgage Closing Tips for Your Escrow Services
By now, I am sure you know that the home buying process as long a buyer. We are here to help you with a few closing tips to assist your escrow process go as smooth as possible. As you are going through the escrow process, there are a few things that you can do as you prepare for your Closing Day.
Once you hit the two weeks before the closing mark, it’s crunch time. At the 2-week mark as a buyer you will have removed all contingencies, completed your home inspections, and your appraisal is now complete.
Here are some tips to help for a smooth and successful closing:
Two Weeks Before Your Mortgage Closes:
- Respond to all requests from your Escrow Officer, Lender, and your Real Estate Agent. At this point, if anyone from your Real Estate team is reaching out to you, whatever they need is vital to getting you to a successful closing.
- Check-in with your lender to make sure they have everything that they need to make sure you close on time. Typically, your lender will need last-minute items from you. Following up with them and get them the things that they need hastily. In doing this you will set yourself up for a smooth and successful closing day.
- Contact your Insurance Agent to purchase Homeowners’ Insurance; your lender will need the insurance confirmation/binder at least ten days before closing.
- Schedule your movers. Book and reserve your moving truck or moving services to ensure they are available for the day of closing or on your selected moving date.
One Week Before Your Mortgage Closes:
- Check-in with your lender to make sure they are on schedule with your closing date and to go over your loan documents. If you have questions regarding your loan documents, now is the time to ask.
- If you are using Certified funds from other financial institutions (stocks, 401K, etc.), now is the time to transfer the funds to your bank account as they take around three days to clear.
- Your Escrow Officer will provide you with an estimated settlement statement for your review. Review it thoroughly and ask questions. Your estimated settlement statement will have a breakdown of your loan and any other charges or credits for your transaction. The estimated settlement statement will also have the estimated amount of money that you need to transfer for closing.
- Schedule the signing of your loan documents with your Escrow Officer. You can typically sign your Loan Documents with your Escrow Officer, or they can have a mobile notary come to you for signing.
Two – Three Days Before Your Mortgage Closes:
- Check-in with your Real Estate Agent regarding any repair items that the Seller is completing based on your inspection and request for repairs. Make sure that by the time of your walk-through they will complete the repairs.
- Your Lender or Escrow Officer will provide you with the Lenders Closing Disclosure for your review and Signature. Your disclosures must be signed and sent to your lender at least three days before closing to ensure you close on time.
- Wire your funds for closing to Escrow 48 hours before the end closing.
One Day Before Your Mortgage Closes:
- Conduct a final walk-through of your new home with your Real Estate Agent to make sure the house is in good condition and that all repairs by the seller are complete.
The Day Your Mortgage and Escrow Close:
- Wait for confirmation from your Real Estate Agent that the home has recorded, and the property is now yours.
- Pick up your keys and the garage door openers to your new home.
Congratulations, we had a smooth closing, and you are now the proud owner of your home!