The process of house hunting can be a long and arduous one, and it’s all pointed toward one big event—closing day! Closing is an exciting time for buyers, as it means all their hard work has come to fruition and the next chapter in their lives is truly beginning. The closing experience can be a little overwhelming, too, however, and it is important to be fully prepared for it. In a new statement to the press, Guaranteed Rate mortgage banker Paul Hirschauer tells buyers what they can expect from the closing process—and how they can get ready for it in advance.
“Ideally, your closing process will take less than an hour out of your day, and you’ll get to leave with all the paperwork settled and your new keys in hand,” Hirschauer shares. “To make that happen, though, you’ll want to do a little bit of advanced preparation.”
The first thing Hirschauer recommends doing is reviewing the closing statement. He points to a recent Realtor.com article for advice here: “If you’re getting a loan, one of the best ways to prepare is to thoroughly review your HUD-1 settlement statement,” the article states. Adds Hirschauer, “Spend a few minutes making sure you truly understand the terms of your loan.”
Another important preparation is a walk-through for the home itself. “Always do a final walk-through of the home, and ensure that it’s been all cleaned up and that all the repairs you specified have been made to your satisfaction,” Hirschauer advises.
“If you find an issue during your walk-through, bring it up with the sellers as soon as possible,” offers the Realtor.com article. “There’s no need to panic; at worst you can simply delay the closing until you resolve it.”
Paul Hirschauer notes that buyers will need to arrive at closing with all the necessary paperwork in hand, too. “The list includes proof of homeowner’s insurance, a photo ID, a copy of the contract you have with the seller, and anything else your loan officer asks you to bring,” he affirms.
A final thing to do in order to prepare: Ensure a way to pay the down payment. “You will already know from your disclosure form exactly how much you’ll have to cough up for a down payment and closing costs,” offers the Realtor.com article. “Yet since a personal check won’t cut it, be sure to ask before closing whether you should wire transfer those funds or if you’ll need to bring a cashier’s check.”
Concludes Paul Hirschauer, “Getting ready to close is not necessarily difficult, but it does require some diligence. Stay organized, stay alert, and stay in touch with your agent and your loan officer in the days leading up to closing.”
More information about Paul Hirschauer and his services can be found online at https://www.guaranteedrate.com/loan-expert/PaulHirschauer.
Paul Hirschauer is a Senior Vice President of Mortgage Lending with Guaranteed Rate; based in Connecticut, Hirschauer is passionate about making his clients’ dreams of homeownership come true. He is one of the top 1 percent of loan originators in the country. More information about Hirschauer and his services is available online at https://www.guaranteedrate.com/loan-expert/PaulHirschauer.