Chapter Three · The End

Becoming a Homeowner

The final chapter covers the weeks before closing: the lender's final review, the appraisal, title and escrow, insurance, preparing for closing, your final costs, the walkthrough, closing day and your keys.

9 lessons · 31 minutes · Free

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1Mortgage UnderwritingUnderwriting is the lender's final review of you, your loan and the property.4 min
Part of underwriting is confirming the home's value through an appraisal.
2Home AppraisalsAn appraisal confirms the home's value for your lender.3 min
While the lender reviews the property, the title work confirms who owns it.
3Title and EscrowTitle work confirms the seller can transfer the home to you. Escrow holds money and documents until closing.4 min
Before closing, your lender also requires homeowners insurance.
4Homeowners InsuranceHomeowners insurance protects your home and belongings, and lenders require it before closing.3 min
With insurance in place, it's time to prepare for closing.
5Preparing for ClosingKeep your finances steady and verify every instruction until you have the keys.4 min
Before you sign, review exactly what you'll pay.
6Understanding Closing CostsYour Closing Disclosure lists your final loan terms and costs. You receive it at least three business days before closing.4 min
Just before closing, you'll walk through the home one last time.
7The Final WalkthroughThe final walkthrough confirms the home is in the condition you agreed to.3 min
Everything checks out. It's closing day.
8Closing DayClosing is when you sign, funds transfer, and ownership changes hands.3 min
One step remains: receiving your keys.
9Receiving Your KeysOnce your purchase is complete, the home is yours. A few first steps protect it.3 min

The end of the story

Finish this chapter to complete the Academy.