Getting A Mortgage: Step by Step

The Closing Parties For A Home Loan

There can be many parties involved in your closing.  The parties involved are typically the homebuyer, seller, real estate agent, attorney (in some states the closing officer will perform the role of the real estate attorney), escrow / closing officer, title company, lender and the loan servicer (usually your lender).

What Happens At Closing?

There are many tasks that must be completed before your closing can take place.  Mortgage Align recommends using a real estate agent to help through the process. These tasks will more than likely include a property appraisal, survey, title search, obtaining homeowner’s insurance, home inspection, final walkthrough inspection and a covering your closing costs (if the costs are not rolled into the loan).

How Do I Shop For Homeowner’s Insurance?

If you get a loan for a property your lending institution will require you, as mortgage customer, to take out a homeowners insurance policy on your property.  Though your lender will require certain levels of coverage be met on your home, it is always a good idea to consider the value of your possessions in the policy.  It is extremely important that you check with a licensed insurance agent to make sure your new investment has the appropriate coverage. Here at Mortgage Align, we can match you with insurance agents in your area to compare rates for your new policy.

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How Do I Find A Home Inspector?

You can ask friends or business acquaintances to recommend a home inspector they have used.   Also, your real estate agent and broker are familiar with the service and may be able to provide you with a list of names from which to choose.

Whatever your referral source, you can be assured of your home inspector’s commitment to professional standards and business ethics by choosing one who has membership in ASHI.

You can use the Find An Inspector search tool on the American Society of Home Inspectors (ASHI) website for a list of home inspectors in your area who belong to the non-profit professional organization. To have a list mailed to you, call 1-800-743-ASHI (2744).

The American Society of Home Inspectors (ASHI) publishes a Standards of Practice and Code of Ethics that outlines what you should expect to be covered in your home inspection report.

How Do I Get A Home Inspection?

A home inspection is an objective visual examination of the physical structure and systems of a house, from the roof to the foundation. A standard home inspection should cover the condition of the home’s heating system; central air conditioning system (temperature permitting); interior plumbing and electrical systems; the roof, attic and visible insulation; walls, ceilings, floors, windows and doors; the foundation, basement and structural components.  The inspection may uncover major repairs or builder oversights as well as the maintenance need to keep the property in working order.  With a proper inspection, you can make your home buying decisions with confidence.

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