We are just about to close on our new house and we've come across many things that should be completed before closing.
Here are 8 things to do before closing on a house:
- Get your New Mortgage Ready. After you've shopped around for the best rate, meet with your mortgage rep to sign off on the papers and to determine your payment details.
- Prepare for the Lawyer. Call your lawyer to make an appointment for closing day. Get the lawyer to run through the numbers with you again so that you know exactly how much you should bring for your down payment/lawyers/closing fees.
- Prepare your Down Payment Funds. If you have your down payment funds in a high interest savings account, make sure that it's accessible for a bank draft to be submitted to the lawyer. Since I use PC Financial, I have to wait 1 day for my funds to be transferred over. If your savings account has this type of transfer delay, make sure you account for this.
- Get the Utilities Ready. Call the Cable/Telephone/Security company a week before closing to setup TV/Internet/Phone/Alarm. Sometimes the cable company will have to run new wires into your house which can be delayed if the installers are busy. If you call them early, they can hopefully show up and do the install near closing.
- Get your New Furniture/Appliances ready. If you purchased new appliances/furniture arrange for the store to deliver the packages on (or just after) closing day.
- Get Home Insurance. Some mortgages (if not all) require that you have home insurance. Call around a few weeks before closing to see who has the best rates and coverage. If you are a professional, no one can beat Meloche Monnex (that I've found).
- Get Life Insurance. With my first house, I simply signed on with the mortgage life insurance because it was cheap and required no qualification. However, if I did more research, I should have realized that the benefits decrease while the premiums/payments remain the same. Do yourself a favour and get term life insurance instead.
- Prepare for the Move. If you are hiring movers, call them a couple weeks in advance to book your time. If you are moving yourself, call the truck rental place (and your strong buddies) at least a week in advance.
There you have it. A list that I will be using for my closing that is coming up soon. Am I forgetting anything?
Photo credit: Rberteig