The Home Buying Process: Closing

May 12, 2021
To this day, the thing we hear most is that potential clients, especially first-time homebuyers, often feel confused, overwhelmed, and uneducated when it comes to the home buying process. We’ve dedicated these last several months to breaking down the home buying process. Our goal has been to provide more information on what to expect during a home purchase, how to prepare, and which mortgage professionals you need to have in your corner. 

What Does Closing Mean?

We’ve reached the last step of the process; closing and funding! This is the most exciting step of the process, well aside from actually moving in that is. At this point, your loan has been fully approved and is cleared to close! That means the mortgage company has received all documentation needed, completed a final verification of employment, conducted a credit refresh to make sure nothing has changed, and is fully committed to giving you a mortgage. 


Additionally, you should have received final closing cost figures from your Loan Officer and are prepared with exactly how much money you need to bring to the closing table. Tip: You can’t bring a personal check for your closing costs. You either need to do a wire transfer (with verified wire information) or bring a bank check with you. Don’t worry your Loan Officer and Real Estate Agent can provide you with the information necessary and walk you through this process. 


The biggest part of closing, other than paying your closing costs, is signing a lot of paperwork. The person conducting your closing will go over all of it with you and answer any final questions you have but don’t worry closing isn’t the first time you will see the financial part of this paperwork. At closing you sign things like your deed, making the property officially yours along with other important legal documents.


What To Expect At Closing

Now you may be asking, does this have to be done in person these days? Yes and no, depending on your state there are portions of, if not all of the process that can be done remotely. If this is interesting to you, please ask your Loan Officer what the laws are in your state and what your options are.


After all of the paperwork is signed, you get your keys and the moving process can begin! Moving into your home is an entirely different process that requires a lot of planning. If you’re looking for advice on where to start, head to our 8 Week Moving Guide that lays out exactly when and how to execute your move. 


Even though the mortgage process that involves you is now complete, that doesn’t mean the process is over. The final stage in the loan process is the funding of your loan. Funding is where the money officially exchanges hands and you become an official homeowner on paper. You do not need to worry about funding, that all happens behind the scenes. It’s important to know that this entire process involves lots of moving parts that work together not only to ensure you get the home of your dreams but also that you can continue to access and manage your loan as you pay down your mortgage.


Closing is meant to be exciting. This is the moment you get to celebrate your new home or refinance! Reaching homeownership is not easy and that accomplishment is something to be proud of. We recognize that we’ll never be able to fully remove the stress of buying a home, but we strive to help educate and empower buyers to take control of their home buying experience.


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Q1 Recap

By Mikaylah Collins • April 12, 2023
We've begun to see signs that the Spring Market is here and could be robust! Here is what we know: According to NAR, home sales were up 14% in February over the previous month which marked the biggest monthly increase since July 2020. While March results are not yet published, the mortgage industry saw an increase in purchase applications for the 3rd straight month; a great sign for the housing market. Driving much of this activity is the stabilization of rates in January & February and lower interest rates this past month. We’re starting to see signs of a slowing economy and the markets are now pricing this in. This week we saw the 10-yr Treasury drop under 3.4%, a level it has not reached for quite some time and the lowest it’s been since September 9, 2022. This is great news for consumers as decreasing rates mean more home affordability. Over the past year, most markets have seen home prices stabilize if not even decline, albeit by a very small amount. This stabilization was still a relief for homebuyers as it helped to offset higher interest rates. As rates continue to decrease, we would expect home prices to again increase due to demand increases. In addition to increased demand, there is still a shortage of homes for sale nationwide and that will continue to worsen as more and more homebuyers enter the market.  So what does it all mean? Now is a GREAT time to buy a home! Rates and home prices are stable, there is not as much competition as there will be when rates do decrease, and buying a home is still extremely affordable for most. Once rates fall, we will likely see home prices rise and the competition for the shortage of homes will increase alongside it making the window of a buyer-dominated market very small.

Q1 2023 Market Outlook

By Sarah Rubin • February 10, 2023
We are well into Q1 and feel confident saying that the market appears to be stabilizing. Before we start looking forward, let’s quickly look back at the end of 2022.

Finding The Right Listing Agent For You

By Sarah Rubin • December 15, 2022
Buying a home is a huge investment and one we talk about often - BUT the flipside is that you have an opportunity to cash in on that investment when you’re ready to sell your home! While you do have the chance to cash-in, a lot more work goes into selling a home than you might think! If you are considering selling your home, working with a listing agent will help you market your home, negotiate with potential buyers, work through paperwork, and ultimately close on your home! So what is a listing agent? In its most basic terms, a listing agent is a real estate professional who represents the seller in a real estate transaction. The listing agent lists the home for sale and works on behalf of the seller to sell the home at the best price and terms for their client. Listing your home is a BIG deal and it is not a place to try and DIY. But why can’t you just grab a sign at Home Depot and try and sell yourself? Well, there are lots of reasons some of which include: Professional consultation: A listing agent will walk you through each step and tell you what to expect along the way! They should understand the specific community you’re in and the current market environment and will help you determine a competitive but realistic asking price for your home. Marketing and selling your home: Your listing agent will list your home on the multiple listing service (MLS) in order to better market your home to potential buyers. They also can make staging recommendations and hire a photographer to best show off your home and its features. They’ll schedule house showings, and can be present to answer any questions. Communication and negotiation: Communication is key to both buying and selling a home in order to minimize stress and misunderstandings. Listing agents take care of this important task, by staying in touch with interested buyers and their agents, fielding questions, handling paperwork, and negotiating the final sale price and terms. Recommendations: Seasoned listing agents might come with a list of professionals who they have worked with in the past that they enjoy working with in order to make the selling process smoother for you! Some of these professionals include: real estate attorneys or title companies, inspectors, stagers, those who specialize in home improvement AND of course trusted Loan Officers. How do I find the right listing agent for my situation? In order to find the right listing agent for you, make sure your agent is licensed and has experience, references, and a professional website where you can learn more about them and their qualifications. Most real estate agents work with both buyers and sellers, but some might specialize in one or the other. Once you find a few agents through referrals or online research, meet with them in person to ensure they meet your needs and work well with your personality. It is also important to ask questions during your meeting with them and it’s imperative that you determine what you’re looking for in an agent so you make sure you are happy with the product being delivered. Selling a home can be stressful, especially for first-time sellers. A listing agent can help by taking on some of the burden and providing the information and resources needed to help sellers make informed decisions. We work with agents on both sides of the transaction – if you have any questions or would like a recommendation for an agent in your area, please reach out to us!