CHAPTER 10 The Closing Process
We are getting to the end of the home-buying story: the happy ending. Your real estate agent has already helped you to prepare the best offer. It contains your list of conditions (for example, that the seller must fully disclose any problems with the house, specific actions to be taken depending on the results of your various inspections, etc.) and it is finally accepted. Your anticipation of a looming purchase and the move into your new home is rising. You are ready to sign the documents and move into your new family home, loft, condo, sea-view apartment — wherever and whatever it is, you just want to settle in as soon as possible. However, it isn’t time to call the movers and pack your boxes just yet. One more journey awaits, and there are 10 steps to take before you own your property. Following is a checklist to help make sure all bases get covered.
9 THINGS TO KNOW IF YOU ARE CLOSING A HOME DEAL FOR THE FIRS R THE FIRST TIME
#1. Lock In the Interest Rate
A mortgage rate lock guarantees that a mortgage lender will give a buyer a certain interest rate, at a certain price, for a certain period of time. A rate lock protects the borrower from rising interest rates in the period between sales agreement execution and closing (often a month). If the buyer locks in a rate of 3.25%, she will only 71
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