Closing day for some is a formal meeting with many pages of documents to review and repeatedly sign, while for others, it is just a process to go through as you move towards home ownership. Whichever way you view it, here are 5 helpful tips to keep in mind as you go through your closing day.

The mortgage process

Some believe that after they have completed the loan application and paperwork then they are all done, but this is not the case. Lenders will still want to verify all of your information such as your income, debts, assets and employment all the way up to the closing. Avoid making any significant purchases during this time period like a new car, furniture or even opening up new credit cards. These moves may affect your ability to have your home loan approved which you won’t want to risk.

Mortgage rate

Mortgage fluctuate daily and the rate quoted by your lender will not remain forever. Banks can “lock you in” for 45, 60 or another set number of days. However, once that time expires, you may have to pay a higher rate if it is higher at that time. Closing dates sometimes get pushed out during negotiations so keep that in mind when your rate lock expires.

Final walk through

For some deals the walk through is a more formal happening, for others it is just a checked box for the process. Most agreements identify a walk-through 24 hours before the closing and it is a good idea to perform one. Inspect the condition of the home, check for significant damages and be sure that everything is in good working order before you take ownership.

Closing day

For most closings the buyer, seller and attorneys all meet up and all of the paperwork gets signed and funds get transferred. It is standard for all parties to meet at an agreed upon place like an attorney’s office or at the registry.

How else could you prepare?

Pay attention to each step involved and be on the lookout for any red flags or anything that appears to be out of the ordinary. Make sure that you assemble a credible team including a mortgage agent, home inspection company and attorney. The better your team is prepared, the smoother the sale is probably going to be.