The Five Easy Steps of the Mortgage Process - Step 5

Purchasing a home can be exciting as well as a little frightening. Below are the steps it takes to find and get a mortgage. Step by step, we can walk it together, and make it as easy a process as possible.

This information is reprinted from my Supreme Lending website; we will take a look at the five steps of the mortgage process, though to closing. This post will take a look at Step 5, Last Minute Details.

Last Minute Details

During these final five days you will need to finish up any last minute details to ensure that you get the keys to your house the day of closing. This is an exciting time, so try to relax and enjoy the process knowing that your new house is just around the corner. Below are a few last minute things that you will encounter.

Closing

Closing is the date and time set-aside for you to come in and sign the paperwork. Your real estate agent will coordinate the time and date convenient for you and the title company. As a buyer, you may want to close near the end of the month, so that you will minimize the number of days you must pay pre-paid interest. The other consideration is that most closings are scheduled for the last day of the month. A wiser strategy might be to close three days prior to the end of the month.

Funding

Funding occurs when all papers have been signed and all conditions have been met. Funding may occur on the day of the closing or on the next day. Careful planning will ensure that all expectations have been met. You will not receive the keys for the premises until the loan has funded, so plan to close early when there are definite time constraints.

Possession

After funding, your real estate consultant will give you the keys to the property and you will officially own your new home. Congratulations!

John Lyng is a Mortgage Loan Officer with Supreme Lending. He is experienced with traditional bank programs, as well as alternative programs to help people get into their home. John has a varied background in working with mortgage banks and non-profits, and believes in guiding families to prepare for affordable homeownership.

If you have questions about this or any mortgage-related topic, please contact John Lyng directly at 214-862-3579, or send an email to John.Lyng@SupremeLending.com.