STEP 8: CLOSING ESCROW

•   Make arrangements for services in your new neighborhood if you are moving to a new area:  bank accounts, school for the children, etc.

•   Don't run out and buy new furniture!  It's easy to get excited, but buying items as credit can ruin your mortgage loan approval.  Remember, your lender is going to run your credit check again, right before closing, to ensure that your credit is still the same as when you were qualified.  (And remember, you'll need to save your cash for closing costs.)

•   The escrow company will prepare an Estimated Settlement Statement or an Estimated Statement of Closing Costs.  Review these documents with your Realtor® to verify all the charges are correct, and to ensure that you are prepared to pay your costs before closing.

•   Ask your lender to send you a set of borrower's docs to review prior to your loan signing appointment.  If so, review the documents and write down your questions for your lender.  Get your questions answered before you go to your signing.

•   About 2 days before the scheduled closing date, you will have to deposit your final downpayment (if any) and pay your loan closing fees.  Take your certified cashier's check or certified bank check to the escrow company (no cash or personal checks).

•   About 2 days before the scheduled closing date, go to the escrow company and sign loan documents with a Notary Public.  Be sure to take your driver's licenses with you for proof of ID and do NOT take your children.  Expect to spend at least 1 hour signing documents, and longer if you have any questions (or if you prefer to read each document before signing).  There will probably be more than 50 pages to initial and sign!

•   The escrow company reviews the loan docs and forwards them to the lender.  The lender reviews the completed forms and, if they are acceptable, wires your loan funds to the escrow company.  By this time, you will know whether escrow will be closing on time, and if not, when to expect the closing.

•   Call the utility companies (water, trash, gas, electric, cable, phone) to schedule the utilities turned on in your name.  Although you may not be moving in until 1-2 weeks after purchase, you'll want the utilities turned on right away.

•   On the closing date, your Realtor® will call to inform you that the new Deed was recorded at the County Recorder's office.  Arrange to pick up your key from your Realtor®.

SEE ALL OF THE STEPS HERE (click on the links below)

1. PREPARE FOR HOME OWNERSHIP

2. GET READY TO SHOP FOR HOUSES

3. FIND A HOUSE

4. MAKE YOUR OFFER

5. ITEMS COVERED IN PURCHASE CONTRACT

6. NEGOTIATIONS

7. DURING ESCROW

8. CLOSING ESCROW

9. YOUR NEW HOME

Are you ready?  Let's go! Take your first STEP today towards making your DREAM a reality! 

Join my new AR group and post your blog at http://activerain.com/groups/virtualoffice

Regina P. Brown
Broker, Realtor®, e-Pro
Author of eBook "Stop Foreclosure Fast: Solutions to Save your House"

Text copyright © 2009 R.P. Brown, All Rights Reserved