Congratulations! You’re on the brink of owning a home, with your mortgage now officially approved. But hold on tight, because there’s one last thrill ride awaiting: the closing stage. This is where the magic happens, where your signature seals the deal on all the necessary paperwork and disclosures.
But hey, no need to stress! We’ve crafted a tailored checklist to guide you through this final leg of your journey, ensuring you breeze through with confidence. Dive into the details below to discover exactly what lies ahead after that triumphant approval notification. And rest assured, our team stands ready to assist with any queries along the way. Consider us your personal champions, here to see you through.
Just remember: while final approval marks a major milestone, there are still a few hoops to jump through before you can pop the champagne. The lender may conduct one last review of your application, ensuring all documents are shipshape and your financial status remains steady. So, keep those job and spending habits steady until the keys are in your hand.
Let’s dive in:
- Review: Double-check that the final mortgage commitment details we sent you align perfectly with your purchase. From the property address to the closing date, to the mortgage amount, every detail matters. If any adjustments are needed, just give us a shout, and we’ll ensure everything’s correct before the paperwork heads to your lawyer’s office.
- Mortgage Protection Insurance: Your new home isn’t just a house; it’s where life’s precious moments unfold. That’s why it’s crucial to safeguard you and your loved ones with our Manulife Mortgage Protection Plan. If you have not done so already, you’ll need to confirm your coverage choice before your closing day. While coverage is options completing this important step is a mandatory requirement for all licensed brokerages. Please let us know if you need us to send you the info again so you can review the form and sign-off on your coverage.
- Legal: Get ready to dot those i’s and cross those t’s as your lender prepares the final documents for your legal signing. Your lawyer’s office will call you to book an appointment and will guide you through the process, covering everything from property reports to title transfers. Just remember to bring your photo ID and any required payments, and you’ll be on your way to homeownership in no time.
- Homeowner’s Insurance: Protect your investment with comprehensive homeowner’s insurance, shielding your new abode from life’s unexpected curveballs like fire, flood or loss due to damage. Ensure your policy meets all lender requirements, providing coverage that’s as robust as your dreams.
- Property Taxes: Whether lender-paid or borrower-paid, property taxes are an unavoidable part of homeownership. Confirm your tax setup and payment plan to avoid any surprises down the line.
- Edmonton Property Tax Plan
- Sherwood Park /Strathcona County
- Leduc
- Beaumont
- Spruce Grove
- Stony Plain
- If you municipality is not listed here and you need help, just let us know.
- Utilities: It’s time to start notifying the local utilities – from gas and electricity to phone services and beyond. We recommend reaching out to the utility providers in your area at your earliest convenience, letting them know that you’re taking the reins of your new property.
Now, onto the main event: closing day. Here’s where the magic truly happens. Your lender, like a master conductor orchestrating a symphony, transfers the funds to your lawyer, who in turn performs a ballet of paperwork wizardry. With finesse and precision, your mortgage funds and down payment are gracefully passed to the seller’s lawyer, while the legal torch of ownership is ceremoniously transferred into your waiting hands.
As the dust settles and the ink dries, a moment of tranquility descends. It’s the calm after the storm, where you can finally exhale and revel in the realization that your homeownership dreams have officially come to fruition.
And then, like the grand finale of a fireworks display, comes the pièce de résistance: possession. Picture yourself standing at the threshold of your new home, the keys in hand, and the world at your feet. It’s a moment of pure bliss, where every step through the front door is a testament to your perseverance and determination.
With our guidance and support, your journey to homeownership is smoother than ever. So, take a deep breath, embrace the excitement, and let’s make this homeownership experience one to remember.
