Our Journey to Homeownership: A Timeline of Closing on Our New House 🏡

This week, we’ve officially closed on our new home! After a long wait, we are excited to finally bring in the furniture we’ve been eyeing for so long. 🎉 In this blog post, I’ll share a detailed timeline of our experience from signing the contract to closing day, along with some important tips for anyone who might be embarking on this journey in the future.

1. The Search Begins: In-Person Home Viewing

Date: January 26

During our home search, we visited various properties, but we immediately fell in love with a Pulte Townhouse on our first viewing. Its location, layout, and style matched our vision perfectly, so we decided not to look further.

2. Signing the Contract and Deposit

Date: January 27

That same day, we signed the contract and paid our deposit. It’s worth noting that new home contracts offer little room for negotiation. We thoroughly reviewed the terms before signing. Pulte provided a 1.5% commission fee for the agent, which is a bonus if you have representation, otherwise, there are no rebates available. Additionally, they offered various free services, which made the deal quite appealing.

3. Mortgage Dilemmas

Date: January 27 – January 29

We opted to use the builder’s mortgage to secure a $20,000 closing credit. However, I would strongly advise friends not to choose the builder’s mortgage unless borrowing a very small amount. Typically, the rates offered are higher than market standards. Their customer service was disappointing as well, making it difficult to get timely responses via email or phone. In the end, the stress of securing that credit wasn’t worth the long-term financial implications of a higher interest rate.

4. Pre-Drywall Inspection

Date: February 3

It’s essential to have a third party inspect the new home, especially for the drywall and the final walkthrough. We discovered several small issues that were easily addressed, but these might have been overlooked without our own inspection. Always prioritize checking for builder-related problems!

5. Gathering Financial Documentation

Date: February 3 – March 30

The mortgage process required lots of asset verification, so I recommend transferring funds from overseas as soon as possible. If you plan to transfer large amounts, they will be scrutinized, and make sure to prepare gift letters if necessary.

6. Final Approval and Closing Preparations

Date: April 3

After a long wait, we finally received mortgage final approval and began preparing for closing day. This was an exciting yet nerve-wracking stage!

7. Final Walkthrough

Date: April 17

The builder conducted a final walkthrough, which included the blue taping process to highlight any imperfections that needed addressing. This step is crucial to ensure everything is up to standard.

8. Closing Day Celebration

Date: April 23

After what felt like an eternity, we finally reached closing day! 🎉 We made our down payment using a cashier’s check (safer than wiring funds) and celebrated this significant milestone in our lives. We decided to go to the bank the day before to secure our check, ensuring we were all set for the closing meeting.

Conclusion

Our home-buying journey has had its challenges, but with careful planning and attention to detail, we made it successfully to the finish line. If you are considering purchasing a home in the USA, I hope our timeline and insights help guide you through the process. Best of luck in your journey to homeownership! 🏡