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 Closing Your Purchase

THIS IS THE CULMINATION OF ALL YOUR EFFORTS. THERE ARE A FEW LAST THINGS TO DO.

Final Walk Through Inspection: Do a "walk-through" prior to signing the final loan and purchase documents. The property should be in a condition similar to when you first looked at the home. Check for broken windows and anything else the seller needs to fix prior to the close of escrow.

Home Services and Utilities: A few days prior to the close of escrow call all the utility companies and tell them you're moving in.

Close of Escrow: This is the last step in the buying process. The title company will prepare a closing statement detailing your closing costs. Title companies will NOT close an escrow with a personal check. We will get the exact amount for funds needed to close just prior to the closing.  You will need to get a cashier's check from your bank or have them wire transfer funds directly to the title company.

Remember, you will need to forms of identification to close. One should be a photo identification, (i.e. a Drivers' License). The other can be a Social Security Card or some other form of office identification.

Congratulations!

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Tampa Bay Metro Realty / 1st Capital Mortgage, 1513 East Park Circle, Tampa, FL 33610

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Get "happy": Take your financial paper work into your lender and tell him/her what you want to accomplish (buy another home, an investment property).

Get your lender to give you a "pre-approval letter" for a loan (see Finance Center for why you want pre-approval and not pre-qualification). This will help you be first in line at the bargaining table for that property you want to purchase.

Caution: DON'T BUY THAT NEW CAR OR FURNITURE: When you're applying for a new property loan or refinancing a loan do not add any additional debt to your credit report. In most cases this will lower the overall amount to credit (dollars) a lender will lend you. To understand this clearly, go to my Financial Calculators section and look at the "Mortgage Qualification" calculator. There you will see what happens to the amount you can borrow before and after adding extra debt! So, if you're planning on financing a new car, furniture for your home or a vacation, hold off until after your loan "closes".

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why you want pre-approval and not pre-qualification). This will help you be first in line at the bargaining table for that property you want to purchase.