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Yes. Like the video shows, lenders now offer several affordable mortgage options which can help first-time homebuyers overcome obstacles that made purchasing a home difficult in the past.
Lenders may now be able to help borrowers who don’t have a lot of money saved for the down payment and closing costs, have no or a poor credit history, have quite a bit of long-term debt, or who have experienced income irregularities.
So you’ve found the perfect home, the seller has accepted your offer, and now you’re just waiting for the mortgage to close before you wrap up the sale and take possession. It’s time for the closing meeting.
But what does this meeting entail? And what do you need to prepare for it? Here’s what you need to know.
The Day Prior: Walking Through The Property
24 hours before the closing meeting, you’ll be given an opportunity to walk through the property and do a final inspection. During this inspection, you’ll be able to look for any damage that may have occurred between contract and closing, which means you can negotiate repairs with the seller.
It can be a good idea to schedule your closing date around the 20th of the month, so that if you do find any problems during the walkthrough, you can address them before you take possession.
The Closing Meeting: Title Insurance, Contracts, And More
Typically, the mortgage closing and the home sale closing happen at the same time. During your closing meeting, you’ll need to sign – and bring – a variety of documents in order to take possession of the home. You’ll want to ensure that you bring your good faith estimate, proof of homeowners insurance, contract, and inspection reports to this meeting.
You’ll also want to bring any and all documents that you sent to your bank as part of the home buying process. At this meeting, you’ll discuss the sale with the seller, the seller’s agent, the representative from the title company, the closing agent, the lender, and any attorneys that may be present. By the end of the meeting, you’ll receive a variety of documents, including a deed of trust or mortgage contract and a settlement statement.
You may also be required to sign a mortgage note, which is a note that states you intend to repay the mortgage loan. This note details the terms of your mortgage, including the amount of the loan and what action the lender is entitled to take if you miss payments.
A mortgage loan closing meeting doesn’t have to be complicated. Although there’s a lot that will happen at this meeting and there are a number of documents you’ll need to bring, a qualified mortgage advisor can guide you through the process. Contact your trusted mortgage professional today for a list of what you’ll need to bring and what you can expect to happen at your closing meeting.
The shift from home living to condo life may seem like a minor one, but there are plenty of things that will differentiate your lifestyle other than size when it comes to making a condominium purchase. If you’re contemplating this move and wondering about some of the things that this might entail, here are a few factors that are worth considering.
The Fees You’ll Have to Pay
While a smaller condo is unlikely to have the same associated costs as a large home, you will be paying a monthly condominium fee that will be covering maintenance and insurance so that many repairs and upgrades won’t have to be paid out of pocket. While this cost will not cover each and every maintenance issue that can occur in a condo, it should keep you covered for many standard home costs. When purchasing a condominium, it’s important to read about what this monthly fee entails.
The Life of Central Living
Life in the suburbs can often mean that you’re far away from the amenities of the city, but many condominiums are built in areas that are full of restaurants, pharmacies, cultural centers and grocery stores which are only a short distance away. If you don’t mind getting into the car to run your errands, this might not be that important to you, but if you enjoy the exercise and like having amenities close by this type of living situation can be a welcome change.
Less Room for Stuff & Storage
Condo life can certainly eliminate many of the responsibilities of having a home, but if you’re downsizing there’s a possibility that you may have to get rid of a large number of items to successfully fit into your new space. If you’ve thought about the decision a lot and are convinced that condo living is the right choice, it’s still worth considering how much storage space you will have in your new home so that you can plan for this change, and shift your living style to fit the demands of a smaller space.
There are a lot of things to think about if you’re planning to downsize into a condo, but if you’ve considered the space you’ll have to work with and the conveniences that will make your life easier, you’re probably already prepared for the shift. If you’re curious about condo living and are ready to look at what financal options are available for your current situation, you may want to contact your trusted mortgage professional for more information.