Before You Close your Virginia Home Loan
Don’t Jeopardize Your Home Loan: Taking out a another loan, buying a car, or making large credit card charges before you close can jeopardize your loan commitment. Mortgage lenders run a second credit check prior to closing to check for any new charges.
Time to Close: Closing at the beginning of a month, the lender will require you to “prepay” the interest on your loan from the day of closing to the end of the month. Therefore the cash you need to close will be more than if you close at the end of the month. Talk with your lender about this.
Buyers Remorse: It’s common for buyers to feel stressed or remorseful during and after the purchase of a home, Educating yourself about the buying process will help minimize “buyers remorse”. You will probably forget it soon after you move into your new home.
Notify Services & Utilities: Don’t forget to contact services such as: post office, insurance, movers, telephone, utilities, newspaper, etc. a few weeks prior to you moving out to “change over” billing/mailing addresses.
Arrange for Mover: Get a couple of written estimates from movers on the services they provide for the costs of your move. Check the local Yellow Pages to get quotes and contacts.
Final Walk Through: Do a final walk through as close to the sign off as possible. Check appliances for operability. Test outlets with a radio or test device. Turn on light switches. Check water faucets and toilets. Make sure promised cleaning and repairs have been completed. Check that all items included in the purchase of the home (review contract) are present. For new construction, write down what needs to be completed or fixed, have builder sign. Include the date when these items will be completed.
Closing Costs: You will have to have your closing cost monies deposited in escrow before you can close. Don’t bring in a personal check to pay. Money should be in the form of a certified check or a money wire transfer. Check with your closing attorney.