Down Payment:
Decide on the amount for your down payment based on your mortgage terms. A higher down payment means lower monthly mortgage payments and less time to pay off your home.
Escrow or Settlement Company
During the home purchasing process, you'll need an escrow or settlement company as an independent third party to facilitate the transfer of funds and property deed. Ensure your account has sufficient funds to cover the deposit check held by the company or attorney.
In Escrow Period
Typically around 30 days, during which specific contract items must be satisfactorily completed:
- Inspection Contingency: Conduct inspections promptly after signing the contract to identify any issues that may lead to cancelation.
- Financing Contingency: Secure funding within the contract's timeframe or decide whether to remove the contingency.
- Title Requirement: Ensure the seller provides marketable title and review the title report with legal professionals.
- Homeowner's Insurance: Obtain insurance coverage before closing, allowing time for any special requirements like fire or earthquake insurance.
- Utilities: Contact local utility companies to arrange service activation upon closing.
- Final Walk-Through Inspection: Verify the property's condition matches the contract terms before closing.
Once these steps are completed satisfactorily and the sale closes, you'll be the proud owner of your new home. Congratulations on this exciting milestone!