Once you have an accepted offer on a home there are steps to take to get to the closing table and get the keys to your new home.
The closing process usually takes a minimum of 30 days. If you have a "specialty" loan, such as a MSHDA Loan, FHA, Rural Development, etc. the closing process takes a bit longer because there are a few additional steps for your loan. These loans used to close in about 45 days, but we are suggesting about 60 days to close at this time. (Aug 09)
Generally the Closing Process consists of the following steps, which are best done in chronological order:
1) Final signatures on all documents, and paying your earnest deposit to the broker.
2) If not already done, you will confirm who you are lending with and copy the Realtors on your Letter of Committment. (You will be working together with your Lender throughout the process to satisfy all of their requirements.)
3) Scheduling and conducting your Home Inspection. (usually first 10 days)
4) Given your "go ahead" following the Inspection, your Lender will order the Appraisal (another 10 days).
5) Title work will be ordered, received and reviewed.
6) Deed will be ordered.
7) With all else completed and your final loan approval coming out of Underwriting, a closing date is scheduled.
8) You confirm to your Lender that you have Homeowners Insurance, and make calls to switch utilities into your name for the date of closing.
9) Parties meet at the Lenders or at the Title Company and conduct the actual closing (signing documents). Most often you will take possession directly afterward!!! :}
10) CELEBRATE!
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