{"id":29997,"date":"2025-10-21T12:04:24","date_gmt":"2025-10-21T18:04:24","guid":{"rendered":"https:\/\/www.richmondamerican.com\/blog\/?p=29997"},"modified":"2025-10-22T12:04:53","modified_gmt":"2025-10-22T18:04:53","slug":"contract-to-closing-day-checklist","status":"publish","type":"post","link":"https:\/\/www.richmondamerican.com\/blog\/contract-to-closing-day-checklist\/","title":{"rendered":"Your Contract to Closing Day Checklist"},"content":{"rendered":"\n
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So you\u2019ve contracted on your dream home\u2014congratulations! This is an exciting milestone, and you\u2019re one step closer to getting the keys to a brand-new abode. However, you might be wondering what comes next. The time between contract and closing will vary, depending on what kind of home you\u2019re purchasing. For quick move-in listings, for instance, you could be at the closing table in as little as 30 days.* If you buy a home with more personalization options<\/a>, on the other hand, the amount of time between signing the contract and closing on the house will likely end up being longer. Regardless of how much time you have, it\u2019s important to have an idea of what needs to get done before the purchase is finalized. In this article, we\u2019ll be going through a contract to closing day checklist that details tasks you may need to take care of in that in-between time.<\/p>\n\n\n\n

\u2705 Pay earnest money<\/h2>\n\n\n\n
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Earnest money<\/a> is your  \u201cgood faith deposit,\u201d almost like a handshake at the beginning of a deal. It demonstrates your serious intent to purchase a home and helps mitigate risk for the seller or builder. The amount you\u2019ll pay depends on the house, the location, the builder, and other factors, but you can generally expect it to be between 1% and 5% of a home\u2019s base price. For example, if you\u2019re purchasing a $400,000 property, you might expect to put down $4,000 to $20,000 in earnest money.<\/p>\n\n\n\n

This deposit is often held in escrow, meaning it\u2019s kept by a neutral third party until closing. The good news? In most cases, that money is applied toward your down payment or closing costs when the transaction is finalized.<\/p>\n\n\n\n

\u2705 Submit your loan application<\/h2>\n\n\n\n
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Even if you\u2019ve already been prequalified<\/a> or preapproved for a home loan, you\u2019ll still need to submit an application for final approval once you\u2019ve decided on the home you want to purchase. There\u2019s some crucial paperwork<\/a> and information you\u2019ll need to have on hand when you apply, including pay stubs, federal tax returns, W-2s or 1099s, bank account statements, and other key documents. To avoid surprises, it may be a good idea to check your credit reports one more time before applying, even if you have already checked them during the prequalification or preapproval process.<\/p>\n\n\n\n

When choosing a lender, you\u2019ll want to select a mortgage company you can trust, and one that will offer competitive loan options. If you\u2019re purchasing a new-construction home<\/a>, see if your builder has a preferred or affiliated lender they work with. The primary advantage of working with a preferred or affiliated lender is the fact that they are experienced with the builder\u2019s processes and knowledgeable about their homes. Additionally, there may be special offers or incentives available to you when you choose to work with certain mortgage companies.<\/p>\n\n\n\n

HomeAmerican Mortgage Company<\/a>\u00a0(NMLS ID 130676; see their licensing info\u00a0here<\/a>), for instance, is the affiliate lender of Richmond American. Its team of licensed professionals is well-versed in our homebuilding process and dedicated to finding buyers the best possible mortgage options for their needs. The company often has special financing offers<\/a> available for Richmond American customers, so be sure to ask about those as well!<\/p>\n\n\n\n

\u2705 Secure homeowners insurance<\/h2>\n\n\n\n
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Selecting a homeowners insurance policy can be a critical component of your loan approval, as well as provide you with peace of mind as you prepare to move into your new abode\u2014so don\u2019t neglect this important step! Before you begin shopping around, you\u2019ll want to gather some necessary information<\/a> about yourself, your new home, and your belongings. With this, your insurance agent will be better equipped to find the right policy options for your needs.<\/p>\n\n\n\n

Homeowners insurance costs can vary depending on your home\u2019s location, the type of building materials used, your prior claims history, and more<\/a>. While not a guarantee, new construction homes often garner lower premiums<\/a> than resale homes, due to modern building materials, more efficient systems, less wear and tear, and other factors.<\/p>\n\n\n\n

If you\u2019re ready to shop policies, our insurance affiliate can help you find the best options to fit your unique needs. American Home Insurance Agency, Inc. agents help save time and energy by gathering estimates from a range of reputable carriers, so you can compare your policy options. To learn more, visit their website<\/a> or call 720.528.2236<\/a>.<\/p>\n\n\n\n

\u2705 Monitor your finances<\/h2>\n\n\n\n

During the homebuying process, financial stability is key. Any sudden changes to your credit, income, or savings could jeopardize your mortgage approval, even if you were initially preapproved. Lenders typically perform another credit check before closing, so it\u2019s crucial to maintain your financial health and avoid major moves until your loan has been finalized (or even better, until you get through the door of your new home). Here are a few things to consider for your contract to closing day checklist:<\/p>\n\n\n\n

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