Buying a home in Mississippi is a happy time for many people, especially if it is a first-time home purchase. Locating a home that you like and learning the seller has accepted your offer is exciting.
Once you have been approved for financing, the closing process begins. You will receive a closing date, which is the day you are given the keys to your new home and can move in.
But how long does the closing process take? There is no specific time, but generally the process takes several weeks. This is because the closing process involves several steps that must be completed prior to your closing day.
Although your closing date is set, delays can occur which could cause the closing day to be pushed out. It is important to be prepared, have everything ready and complete all steps efficiently to reduce the chance of the closing process taking longer.
Various activities happen between signing your purchase agreement and your closing day, including an appraisal, home inspection and title search. You should not skip any of these steps to speed up the closing process.
The importance of an appraisal, inspection and title search
Having an accurate appraisal of the home verifies that you are not purchasing a home at a price higher than its value.
A home inspection will reveal any defects or problems with the home that you need to know about to make an informed decision about whether the purchase is worth it. Both these activities could take between one to two weeks.
A title search is done to make sure the property has clear title, which means there are no liens or legal claims to the home that would prevent you from taking full ownership.
While these steps are being completed, your lender will finalize your loan documents and get your mortgage set up. This could take anywhere from one to three weeks. You should review these documents carefully so you thoroughly understand the terms and financial implications.
A final walkthrough of the home is typically done a day or two before your closing date. Sometimes it is done on the closing date itself. The point of a final walkthrough is to ensure the home is ready for you to move in and any repairs that were necessary have been completed.
Some of the steps prior to your closing day can be done at the same time. The times above for completing each step are averages. Times can vary depending on various factors, including the type of loan you take out, type of property you purchase and any issues that arise during the appraisal and inspection.
What happens on closing day
The activities of the closing day itself often only take one to two hours. On closing day, you meet with the seller and any real estate agents, attorneys or other professionals required and sign the remaining documents.
You will pay your closing costs on closing day, receive the keys to your new home and ownership will be officially transferred to you.
You can speed up the closing process by responding to lender questions and requests quickly. You will likely be asked to provide several pieces of information and documents. The longer you take to provide these, the longer the process takes.