Understanding the
Atlanta Home Buying Process
Step #12 - Completing the Mortgage Process
Throughout the home buying process, you will continue working with your mortgage broker or lender to insure that the mortgage is ready by closing day. They will ask a lot of questions and they will request tons of paperwork. Even after you think they couldn't possibly ask for something else, they will. Don't get discourage or take it personal. The current economic conditions and the national mortgage crisis have caused lenders to check and double check everything from everybody. They are just doing their job and making sure that they don't make any mistakes. The more you cooperate with your lender and the faster you provide the documents they request, the smoother the process will flow and the happier you will be.
Step #13 - Prepare For Your Move
Your closing day is fast approaching. All you have to do now is start packing and call the movers...or reserve a moving truck! Do it early, because most closings occur around the 1st of the month, so movers and rental truck companies often book early for this time.
You should also begin notifying your current utility companies that you are moving, and order your utilities for your new home. Here is a list of many of the local utility companies.
Step #14 - Settlement Statement (HUD-1)
When all of the paperwork is ready, the closing attorney will send us a Settlement Statement (HUD-1). The HUD-1 will show the financial details of the transaction.
We usually receive this a day or two before you are scheduled to close on your new home. After we receive it, we will send you a copy right away so you can review it, compare it with your good faith estimate, and ask any questions you may have.
If you owe any money for closing costs or down payment, the total amount you owe will be listed at the bottom of the Settlement Statement (see page 1 of 3, field #303). Remember that you will need to get certified funds for this amount from your bank prior to your closing date. Closing attorney seldom accept personal checks and they do not like to accept cash.
Step #15 - Closing
The day you receive the keys to your new homee is finally here. We will meet you at the closing attorney's office, along with the seller and the seller's agent. Sometimes your lender's representative will also meet with us.
More than likely, we will all be sitting around a large table in a conference room at the closing attorney's office and the attorney will walk in with a stack of papers for you and the seller to sign. The attorney will explain each document, give you an opportunity to read them, and then ask you to sign each document. After everything is signed, the attorney will ask you for certified funds for any money you owe, such as closing costs and down payment, less the amount of the earnest money you gave to the seller when you submitted your offer.
When all of the documents are signed and you have given the attorney the certified funds, you will receive some paperwork from the attorney and we will have the pleasure of handing you the keys to your new home.
Congratulations! You are now the proud new owner of your dream home and it's time to move in and begin decorating.
Step #16 - Change of Address Notifications
Don't forget to send your new address to family, friends, doctors, lawyers, utility companies, credit card companies, subscriptions, and other companies.
The scenarios in this example have been somewhat simplified and things don't always go as planned, but if you deal with an experienced and competent Realtor, you shouldn't have any problems that will cause too much stress.
No matter who you decide to work with, make sure it is someone you can communicate with easily, someone you trust to "do the right thing when no one is looking", and someone who is experienced, competent, and familiar with the market.
If you have any questions or if you are ready to get started, please fill in the form below or give me a call. I would love to have the opportunity to help you through the process and hand you a set of keys to a home you will truly love!
Equal Housing Opportunity