You are almost home! A lot of time and effort by many players has resulted in a final agreement on price, mortgage terms, and a closing date. At this point the Bank hires a Lawyer to research the legal title to the property so that you can close on the purchase. Having a Lawyer reviewing the documents on your behalf is a good idea – just to be sure everything is done correctly. The closing itself is fun, you do have to sign a lot of documents and present a check for the rest of the down payment and closing costs but you leave with the keys to your new home. Congratulations!
Buying a home, especially your first home, is one of the biggest financial decisions you will ever make. It is also very complex. If you take it slow, do your homework, and get help from competent professionals – Realtor, Banker, Inspector, Lawyer – you are likely to have a great experience.
It is worth remembering that some costs come after the closing. Things like lawnmowers, garden tools, snow blowers, property taxes, insurance costs, and homeowner association dues in the event you buy a condominium. Make sure you have taken those items in to account when you build your budget and decide how much you can afford to spend.
As I noted in the 2nd post this month, at Biddeford Savings we have trained staff in each branch to assist you along the path to your first home. Please give us a call, drop by, or send an email.