Steps for a Successful Closing
Once you are pre-approved, you are welcome to write offers on houses that you think are good deals. Once you get a contract accepted, here are the steps you should follow.
1. Send a signed copy of the contract along with buyer and seller information to the title company you are closing with.
2. Send a copy of the contract and completed Property Information Sheet to FasterFunds Lending.
3. Schedule a time for FasterFunds Lending to walkthrough the house. If we have to meet someone, please talk to FasterFunds Lending prior to scheduling a time to see what times are available.
4. Check in with the title company occasionally to check on title work being completed, see if there are any title issues that might delay closing and schedule a time to close.
- If there are multiple title company locations, clarify with them on the location you’d like to close at.
5. Talk to your insurance agent to get insurance set up on the property. The insurance needs to at minimum cover your loan amount but ideally should cover your loan plus whatever you’ve got into it.
- Please note: There is a mortgagee clause that you’ll need to talk to FasterFunds Lending about and you need to prepay at minimum 6 months of insurance prior to closing.
- Provide FasterFunds Lending with a copy of your certificate of insurance 1-3 days prior to closing.
6. Let FasterFunds Lending know what time you’re scheduled to sign at closing and keep them up to date on any changes to the closing date/ time.
7. The day or two before closing, make sure you get a copy of your settlement statement to review and clarify the amount you need to bring to closing with the title company. You will need to get a cashier’s check for that amount so plan ahead.
If there are any questions that come up along the way, do not hesitate to reach out to FasterFunds Lending. We are happy to answer questions or point you in the right direction.
