Post Loan Application Process - Pre-Closing Steps

Before it is all signed, sealed and delivered, there are four more steps that any person who has just been approved for a home loan should perform. Prior to the actual closing date, there are several things you should do to be certain that your real estate transaction will close on time and that everything will go as according to planned.

1) On the Good Faith Estimate a formalized aspect of the loan application process, review your calculations to make sure that you have been credited for all deposits and any other credits. Make an itemized list of all the items agreed upon between you and the seller. Review the Good Faith Estimate to ensure that all fees associated with the title transfer and escrow fees are what were agreed upon, initially. Make certain to reconcile the monetary figures listed on the closing statement.

2) Carefully evaluate the guarantee of title insurance or the preliminary report to confirm that an accurate legal description of the property. Make sure that there are not any existing liens, or other items which may or may not have been revealed during the property search investigation.

3) Request that any items that you have not agreed upon are removed from the closing documents. Confirm that the escrow agent or title has your precise vesting, or the way you would prefer to take title of the property. The accuracy of the vesting or deed is imperative because it is a time consuming process, if corrected after the closing.

4) Conduct a final inspection of the property. After you have reviewed and double checked the appropriate documentations, i.e. good faith estimate, original loan documentation and the preliminary closing paperwork. Prior to the closing, re-inspect the property. Go through a detailed list of repairs and other promised corrective work to ensure that all repairs have been completed. Double checking the list of repairs will prevent any unexpected done that were promised to you? This is important so that you don't arrive at your new house and find unexpected bombshells.

Final Pre-closing note: Prior to writing your signature on the closing documents, triple check that the correct interest rate, fees charged and condition of the property are accurately depicted.