If you’ve finally found your dream home, congratulations! Finding a place to call your own is a big part of the American dream. After all, there’s nothing like coming home to a beautiful house that’s all yours to map out your future in. But before you fill up the moving trucks and plant your first gardenias, you’ll need to get through an important rite of passage: closing day.
At Liberty Title in Minnesota, our title closing agent team loves helping homebuyers get started on this exciting stage of their life’s adventure. We’ve put together a few easy steps to prepare for closing day so you can get through it and on with enjoying life in your new home!
1. Line up your homeowner’s insurance.
A mortgage lender will typically require homeowner’s insurance before approving the final loan. You’ll need to choose your insurance company and pay your homeowner’s insurance in advance before the loan is finalized. Bring a copy of your proof of insurance to the closing or have the insurance company fax a copy to your lender beforehand.
2. Get buyer’s and lender’s title insurance.
You’re required by law to purchase lender’s title insurance, which protects your lender in case of an unexpected problem with the title such as a missing heir or tax lien that would come up down the road.
The cost of lender’s insurance is minimal and figured into your closing costs. Buyer’s insurance is an optional policy that protects you as a buyer if anything should go wrong with the title. It’s a great way to protect your investment against the unforeseen.
3. Secure funds for closing costs.
You’ll need to bring a check for all closing costs to the closing. Work with your closing agent to find out what you’ll need to bring to the closing. Your closing costs will include all of the additional fees associated with your closing including the cost of the examination and abstractor’s fees.
4. Clear up any credit problems.
Make sure you don’t have any unexpected credit glitches hold up the process. Check your credit and see if there are any outstanding charges you need to pay that could hold up your loan. In many cases, you can pay these outstanding debts and they won’t interfere with your loan, but you need to work this out before closing.
Minnesota Title Closing Company
Moving into a place that’s all yours is an incredible experience. Although closing can seem a little overwhelming, our team at Liberty Title tries to make it go as smoothly as possible for homebuyers and sellers alike. If you’ve finally found the Twin Cities home of your dreams, we offer supportive and helpful closing services so you can focus on where to put your furniture.
We also offer title insurance for buyers and sellers to protect your investment. Contact us to purchase your title insurance or schedule your closing. Call our team at 763.494.0340, or contact us to find out more about our services.