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Step 1
Always get a full loan approval with an electronic or physical "underwriter signature" from the bank you get your loan approved. This is normally provided by your loan officer to the listing agent when you find a property you want to place an offer for acceptance. This is a smart move, since, most home buyers only provide a "Pre-Approval", which is not the same as a full loan approval. Sellers often accept full loan approvals above all other offers presented.
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Step 2
Work closely with your loan officer and escrow agent to make sure your loan documents are signed in a timely manner. Always, make sure you get copies of all documents, including your mortgage loan documents which are normally signed at an escrow location or by an authorized loan document signing company at your location or home.
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Step 3
Get copies of the following items: 1] the loan documents you signed in escrow. 2] All escrow papers related to your purchase transaction. 3] A copy of your appraisal. 4] A copy of your Final HUD-1 Closing Statement. Most escrow companies send the final closing statement to you in the mail.
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Step 4
Take the following items to your tax preparer at the end of the year: 1] Copy of your final HUD-1, closing statement provided to you by the escrow company or closing provider. 2] Copy of your interest statement provide by your lender sent to you at the end of the year, prior to tax time. Instruct your tax preparer that you want to take advantage of the tax credit of up to $7500 dollars offered by the federal government. They will know what form to use to get you the credit.
