45-60 Days Before Closing: Lay the Foundation for a Smooth Closing

The weeks leading up to your closing day are critical. During this time, you’ll want to focus on finalizing your financing and ensuring all documentation is in order. Here's what you should focus on:

1. Stay in touch with your lender:
Ensure regular communication with your lender about your loan details, including interest rates and timelines. This is also the time to lock in your interest rate (which typically lasts for 30-60 days).

2. Avoid big financial changes:
Try to avoid making any big changes in your financial situation, such as a job change or large purchases, until after closing. Any change could affect your loan approval.

3. Secure homeowners insurance:
Choose your insurance provider and ensure your lender receives the required information.

4. Plan for closing funds:
Discuss the source of your closing funds with your lender. If you're purchasing through a trust, provide the trust paperwork to your lender.

5. Provide documentation:
Submit any additional documentation requested by your lender to avoid any delays.


Two Weeks Before Closing: Check-in and Double-Check Details

As your closing date approaches, now is the time to double-check that everything is on track.

1. Communicate with your lender:
Confirm that all necessary paperwork has been submitted and check for any outstanding items needed to finalize your loan. Also, send your homeowners insurance information, including the declaration page and insurance agent details, to your lender.

2. Prepare funds:
Ensure you have the required closing funds ready for transfer. Your lender will provide specific instructions on how and when to transfer these funds.

3. Check in with your construction manager (if applicable):
If you’re building a new home, stay in regular contact with your construction manager to understand the status of your build and anticipated closing date.


One Week Before Closing: Final Preparations

Now it’s time to finalize the last few details before closing day.

1. Review your Preliminary Closing Disclosure (PCD):
Sign and submit your PCD at least three business days before closing. Review it carefully—this document outlines your final loan terms and closing costs. Delaying the signing of your PCD could result in a delay in your closing date.

2. Gather your documentation:
Prepare a government-issued photo ID (such as a driver’s license or passport) for all parties involved in the closing. You may also need to bring any final documentation as requested by your lender or closing agent.

3. Confirm wiring instructions and funds:
Verify the exact amount needed for closing and double-check wiring instructions with your title company or closing agent. Scammers often target these funds, so always confirm payment details over the phone using a known number.


Closing Day: What to Bring

1. Photo Identification:
All parties required at closing must bring a valid government-issued photo ID.

2. Funds for Closing:
Your lender will give you detailed instructions for transferring your closing funds. Bring your checkbook as a backup in case of any small, unexpected fees.

3. Required Documentation:
If your lender or closing agent has requested any final documents, make sure to bring those with you. Some portions of the closing process may be signed electronically, depending on your closing agent.


Post-Closing: Settling In

Once the closing process is complete and you’ve received the keys to your new home, there are still a few more things to take care of:

1. Set up recurring mortgage payments:
Ensure your mortgage payments are set up, whether through your bank or directly with your lender.

2. Transfer utilities:
Double-check that all utilities (electric, gas, water, etc.) have been transferred into your name.

3. Apply for property tax exemptions:
If applicable, apply for any property tax exemptions to potentially reduce your yearly tax bill.

4. Submit your change of address:
Make sure to update your address with the post office, update your driver's license, and notify any other important contacts or services of your new address.

5. Contact your Homeowners Association (HOA):
If your new home is part of an HOA, reach out to learn about meetings, dues, and other community information.


Conclusion

Preparing for a home closing can seem overwhelming, but with proper planning and clear communication with your lender and construction manager, you can ensure the process goes as smoothly as possible. This checklist is a helpful tool to stay organized and reduce any last-minute stress, so you can focus on the excitement of moving into your new home.

At ALLIANCE Credit Union, we’re here to help you every step of the way. Reach out to our Home Loan Center for any questions or assistance.