Closing on Your Home? What to Expect

If it’s your first time buying a home — or it’s been a while since you bought one — you might be wondering what to expect when it comes time to close on your purchase. Keep reading so you’ll be prepared when the big day comes.

What Is a Closing?
Sometimes called a settlement, a closing is the final step in the process of buying and financing a home.The parties involved meet at a predetermined location to sign the necessary documents to finish the transaction. This meeting could include buyers, sellers, loan officers, real estate agents, attorneys and representatives from the title insurance and escrow companies.

How to Prepare
Make sure to thoroughly go over the Closing Disclosure you receive. This five-page form lets you know how much your projected mortgage payments will be, what the terms of your loan are and which fees you will be expected to pay. The numbers on this document should be similar to the loan estimate you previously received. Federal law dictates that you receive the Closing Disclosure al least three business days before the closing date so you have time to review it and ask questions.

What to Bring
Closings can vary from purchase to purchase, but you’ll most likely need to bring a current driver’s license or passport, a cashier’s or certified check for the down payment and closing costs, proof of insurance and a copy of the final contract. If you are separated or going through a divorce, be sure to bring a copy of any relevant agreements or court orders as well.

Information brought to you by:  

Matt Isadore, Senior Mortgage Consultant 

Midwest Community Bank 

Areas Served: Big Rock, Hinckley, Marseilles, Naperville, Newark, Oswego, Plano, Sandwich, Sheridan, Somonauk , Sugar Grove, Yorkville

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Oh, dear home buyer (or seller!)—we know you can do it on your own. But you really, really shouldn’t. This is likely the biggest financial decision of your entire life, and you need a Realtor® if you want to do it right.

Here’s why.

They have loads of expertise:

Want to check the MLS for a 4B/2B with an EIK and a W/D? Real estate has its own language, full of acronyms and semi-arcane jargon, and your Realtor is trained to speak that language fluently.

Plus, buying or selling a home usually requires dozens of forms, reports, disclosures, and other technical documents. Realtors have the expertise to help you prepare a killer deal—while avoiding delays or costly mistakes that can seriously mess you up.

They have turbocharged searching power

The Internet is awesome. You can find almost anything—anything! And with online real estate listing sites such as yours truly, you can find up-to-date home listings on your own, any time you want. But guess what? Realtors have access to even more listings. Sometimes properties are available but not actively advertised. A Realtor can help you find those hidden gems.

Plus, a good local Realtor is going to know the search area way better than you ever could. Have your eye on a particular neighborhood, but it’s just out of your price range? Your Realtor is equipped to know the ins and outs of every neighborhood, so she can direct you toward a home in your price range that you may have overlooked.

They have bullish negotiating chops

Any time you buy or sell a home, you’re going to encounter negotiations—and as today’s housing market heats up, those negotiations are more likely than ever to get a little heated.

You can expect lots of competition, cutthroat tactics, all-cash offers, and bidding wars. Don’t you want a savvy and professional negotiator on your side to seal the best deal for you?

And it’s not just about how much money you end up spending or netting. A Realtor will help draw up a purchase agreement that allows enough time for inspections, contingencies, and anything else that’s crucial to your particular needs.

They’re connected to everyone

Realtors might not know everything, but they make it their mission to know just about everyone who can possibly help in the process of buying or selling a home. Mortgage brokers, real estate attorneys, home inspectors, home stagers, interior designers—the list goes on—and they’re all in your Realtor’s network. Use them.

They adhere to a strict code of ethics

Not every real estate agent is a Realtor, who is a licensed real estate salesperson who belongs to the National Association of Realtors®, the largest trade group in the country.

What difference does it make? Realtors are held to a higher ethical standard than licensed agents and must adhere to a Code of Ethics.

They’re your sage parent/data analyst/therapist—all rolled into one

The thing about Realtors: They wear a lot of different hats. Sure, they’re salespeople, but they actually do a whole heck of a lot to earn their commission. They’re constantly driving around, checking out listings for you. They spend their own money on marketing your home (if you’re selling). They’re researching comps to make sure you’re getting the best deal.

And, of course, they’re working for you at nearly all hours of the day and night—whether you need more info on a home or just someone to talk to in order to feel at ease with the offer you just put in. This is the biggest financial (and possibly emotional) decision of your life, and guiding you through it isn’t a responsibility Realtors take lightly.

Information brought to you by Realtor.com 

Areas Served: Big Rock, Hinckley, Marseilles, Naperville, Newark, Oswego, Plano, Sandwich, Sheridan, Somonauk , Sugar Grove, Yorkville

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