The Homebuying Process: The Closing & Homeownership Phase
So, you did it: you reached the closing phase of the homebuying process. Congratulations! But just because you reached the final step doesn’t mean your journey is finished. In fact, in many ways, it’s just beginning. After becoming a homeowner, you are responsible for your home for the length of your lease, and the care and interest you took in finding the home of your dreams should be used throughout your time as a homeowner. There are a few important things you should know about the closing process and your life as a homeowner, so let’s get into that right away.
Before you close, there are a few things you can do to ensure you’re prepared. Many buyers are allowed to do a final walkthrough before officially closing on their home, usually 24 hours before doing so. This allows buyers to ensure that the home is in the condition agreed upon in their contract with the seller and that all the necessary changes were made as laid out in the home inspection.
You should also ensure you have all the paperwork you need at your closing: a copy of your insurance and contract with the seller, your home inspection report, any bank documents you were provided to approve the loan, and a form of photo identification. It’s a good idea to read through all the paperwork yourself beforehand, but buyers should consider hiring a real estate attorney to read through it as well to ensure it is valid and that they fully understand everything outlined in the documents.
When you’re finally at the closing, you can expect a whole host of people to be in the room with you, including the seller and their real estate agent, your agent, a representative from a title company, and your lender. You can also expect to sign your name – A LOT – so warm up your wrist properly before coming in!
When you’re finally done signing everything, the home is officially yours. Congratulations! But, as stated before, this doesn’t mean your journey through the homebuying phase or your relationship with Guardian is over. After you sign, Guardian is still with you as a homeowner! We can help you set up automatic payments for your mortgage from your Guardian account or another financial institution if needed. And we have more good news: there are no pre-payment penalties with Guardian, so you’ll never be penalized for being on top of the ball!
If that’s not enough, we also offer a handful of useful resources like our mortgage calculator, which you can find, here.
Additionally, if you have any other questions along the way, we’re just a phone call away!