The Final Leap: Essential Steps to Complete Your Home Purchase

You’re on the cusp of becoming a homeowner. The journey may have been lengthy, but the concluding stages are key in ensuring a smooth transition to owning your dream home. From the last inspection to the final paperwork, these steps mark the end of your home-buying journey. Let’s guide you through these vital final stages before you receive the keys to your new abode.

1. Finalise Financing: If you haven’t already, it’s time to secure your mortgage. Confirm the details of your loan, including the interest rate, monthly instalments, and any other financial terms with your lender. It’s crucial to fully comprehend your mortgage commitments.

2. Undertake a Home Inspection: A professional home inspection is non-negotiable. It reveals any potential problems with the property, such as structural faults or worn-out systems, which could result in expensive repairs down the line. This step allows you to negotiate repairs or adjust the offer as needed.

3. Examine the Closing Disclosure: You’ll receive a Closing Disclosure before finalising the purchase. This document details your loan’s final terms and the closing costs. Compare it with the initial Loan Estimate to ensure all the details are correct.

4. Title Search and Insurance: A title search must be completed to confirm the seller has the legal right to sell the property. Title insurance safeguards you from future property ownership disputes.

5. Budget for Closing Costs: Set aside funds for closing costs, which can include various fees such as loan origination, appraisal, and escrow fees, typically ranging from 2% to 5% of the purchase price.

6. Final Walk-Through: This is your chance to inspect the property one last time before finalising the purchase. Verify if all agreed-upon repairs have been carried out and the house is in the expected condition.

7. Closing Day Procedures: On the day of closing, you’ll sign numerous documents to complete the purchase. Make sure you understand every document you sign and don’t hesitate to ask questions.

8. Transition Utilities: Arrange for your utilities – water, electricity, gas, and internet – to ensure they’re up and running from your first day in your new home.

Completing these final steps meticulously is the key to a smooth home-buying experience. They mark the culmination of your hard work and dedication in the journey to homeownership. Remember, this last phase is about ensuring everything is in place for a seamless transition to owning and enjoying your new home.


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Finding a mortgage

Buying a house is a massive investment and getting it just slightly wrong can be costly. Unless you have big savings, chances are you’re going to have to get a mortgage. It’s a loan secured against the property which means if you can’t meet the repayments the lender may repossess your home and sell it to get their money back.

The better you understand mortgages and everything to do with them, the better armed you will be to get the very best deal. With MMR in place, you’ll need to review your finances themselves before approaching possible lenders to see whether you can afford the monthly payments now and if interest rates go up, which they will…

What is MMR?

When it comes to finding a mortgage you have several options: mortgage brokers, individual banks or searching online. Again, it’s important to do your research. Searching online first, gives you a good idea of what’s available, but an independent mortgage broker can provide a more in-depth search and help you through the process. Being independent holds great value as they are not bias to any particular lenders or deals, they will give you their honest opinion and take away the stress of working your way through the mortgage market, they work for you to find you the best package to suit your requirements.

For more information on the current mortgage rules and deals, contact your local branch today to arrange an appointment.

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