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HOM
07/25/2019

The past few months we have shared tips on purchasing a home.   This month we will cover the final steps – financing and closing.

After you have found the house, Condo or Co-op that is perfect for you, it is time to get your finances and mortgage options in order.   It is actually very smart to have a pre-approval ready to go.  Once you have a fully executed contract of sale, it is time to go back to your lender to formally apply for the mortgage. There is quite a bit of documentation to be provided to the mortgage lender, but don’t let it intimidate you. These documents are provided to the lender so they can properly underwrite the loan.  Some documents you will need are your last two years’ tax returns, recent pay stubs, brokerage statements, etc.  For a full list, contact your lender to ensure you have all the proper documentation on hand.

Lastly, it is time to close! First you want to order a title search. This is a historical review of all legal documents relating to ownership of the property.  Typically, your attorney will order the title report for you. You must also obtain a homeowner’s insurance policy.  And don’t forget New York State has a ‘mansion’ tax, this is a one percent tax on homes selling for $1 million or more. Once these items are in place, it’s time for the ‘final walk through’ of your new home.  Your Realtor will do this with you.  This is very important as it is the last chance for you to review any issues right before or at the closing such as a drippy faucet or cracks or patches left uncorrected.  The closing is usually held the lender’s attorney’s office and is attended by the seller’s and buyer’s attorney, the mortgage banker, and of course, the sellers and buyers and their respective Realtors.  All this just to make sure all the appropriate paperwork is signed off on. Once that is completed, it’s time to move in so don’t forget the keys!

At Houlihan & O’Malley, we offer lots of insight right on our website and various blog posts regarding this topic and lots of other info.  So, feel free to do a little web browsing.  It’s important to make sure you have the most up-to-date information regarding the home buying process and it can be overwhelming.  If you still have questions, our highly qualified team is available to assist you directly.  Give us a call.  We are happy to help!

 


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