Question

Select the list that has the steps of the closing process in the right order. a. Do final walk-through Purchase homeowners insurance Sign closing documents b. Apply for mortgage Apply for mortgage Do final walk-through Sign closing documents Purchase homeowners insurance 3. Apply for mortgage Purchase homeowners insurance Do final walk-through Sign closing documents

Answer 1

Answer:

The correct answer is letter (3): Apply for mortgage; Purchase homeowners insurance; Do final walk-through; Sign closing documents.

Explanation:

The home closing process starts as soon as the buyer signs the contract with a real estate agent. In such a case, the buyer has had to apply and be accepted for a mortgage to cover the expenses of the property. Lenders require buyers to present homeowners' insurance which apart from being a requirement is important for the buyer and the financing entity.

Then, buyers must do a final walk-through of the home before they take possession of it to make sure it is in the conditions sellers offered. Finally, additional documents are signed such as a homestead declaration that registers the property with the federal and state government.