Meeting Insurance Requirements for Closing Day
One essential step to take ten days before closing on your new home is ensuring that you meet all insurance requirements that your lender demands. A home insurance binder is vital for closing day, and your lender will need to review it at least ten days before the final day of closing. It is essential to guarantee that your insurance company forwards an updated binder to your lender. The function of such a binder is to reassure your lender that your home is insured. It would be best if you, as the homeowner, possess home insurance that meets the lender’s standards, including the required coverage amount for the property and personal property. Your home insurance policy should also have a specific deductible that meets your lender’s requirements.Communicating with Your Lender About Closing Requirements
In addition to ensuring that you have an updated home insurance binder, communication with your lender is crucial. Many lenders might have additional closing requirements. They could communicate their requirements to you ten days before the day of closing. You must communicate with your lender regularly to avoid any setbacks or surprises that could lead to a delay in closing. If your lender’s requirements are not clear enough, inquire for clarification. It is better if any confusion is resolved before the day of closing so that you can prepare in advance and avoid potential last-minute stresses.Gathering Necessary Information for Your Lender
Ten days before closing, it’s critical to gather any essential information that your lender may require for a smooth and fast closing process. Some of the information you may need to provide includes:- Proof of any renovation work completed on the home
- Verification of employment
- Accounts on other loans
- Gift letters for provided funds or deposits
- Information on any disputed credit inquiries
Ensuring Your Address Is Up to Date
Ten days before closing, you should update your address. You can do this by contacting your utility providers, government offices, and other necessary organizations such as banks and credit card companies. Update all your addresses to ensure that all correspondences are sent to the correct address after you close on your home. When updating your address, consider the following:- Update Your Voter Registration
- Update Your Driver’s License
- Contact Your Bank for a Change of Address
- Contact the Post Office
Obtaining a Change of Address Package
The United States Postal Service (USPS) provides a simple way to notify everyone of your change of address. Requesting a change of address package is an easy process and can be done online. You can also pick up a change of address package from your local post office. The package contains essential information and forms that you can fill out to update your address with banks, utility companies, and other organizations that may be sending you mail. By obtaining a change of address package ten days before closing, you will avoid any hassles after closing day and ensure you start receiving all your mail at your new address.Preparing for a Smooth Closing Day
In summary, ten days before closing, you must ensure that you:- Have an updated home insurance binder
- Communicate with your lender regularly
- Gather essential information
- Update your address
- Get a change of address package from USPS