Closing Time
YOU MADE IT!!!
Congratulations!!! It may have been a long road to get here but you made it to closing!!! There are a few things left to keep in mind as you move on to the home ownership stage.
WHAT TO BRING TO CLOSING
My transaction coordinator Sarah, your lender, and title person will tell you what to bring to closing. What I will say that I've seen a few people miss are the following:
Cashiers Check or Wire: You closing money will either be paid by a cashiers check from a bank or a wire. Personal Checks will not be accepted.
2 Forms of ID: I would bring two forms of photo id if possible. I have seen medical cards or social security cards also be accepted.
WHAT TO EXPECT AFTER CLOSING
It is now public information that you have closed on a house! So you will be getting a lot of mail telling you: that you need extra insurance, you need to pay for a deed, or stuff that looks like government letters asking you to pay something. 99% of the time these are scams. When in doubt reach out to your title person, Sara, and or me of course!!!
Your mortgage may get sold! A lot of times your lender will be what is called an originator who creates the loan. Then they will sell it off to a servicer like Wells Fargo. This is pretty common and my loan has been sold a few times. Any questions on this reach out to your lender.
SAVE MONEY ON YOUR PROPERTY TAXES
If you bought a house in Philadelphia take advantage of their homestead exemption! This program is for people who are living in the home not investors. It is a simple form and will save you a good amount of money every year on property taxes. Here is a link to how to go about doing that: Save On Your Tax Bill Article !
GET PIPE INSURANCE
Unless you are buying brand new ground up construction you most likely have pipes going out to the street that are as old as the house. These pipes are generally cast iron and will eventually break. It can be costly (10K+) to repair the pipes from the house to the street. We always suggest whether you are in Philadelphia or the Suburbs getting this insurance. I have it myself. The cost is generally 10-20$ a month. American Water Resources Link
YOUR REALTOR FOR LIFE
I will not abandon you after the closing! If you even need anything always feel free to reach out to me. I keep in touch will all of my clients periodically and make sure I have them covered if they need anything! You will have a lot of questions as you navigate home ownership and my cell is always on! Feel free to reach out with anything you need. If your friends or family ever need help with their real estate needs I am always happy to help. Referrals are the highest compliment a client can give!
Thank you for trusting me with this important step in your life. Best of luck in homeownership!