Thursday, 24 July 2014 21:21

The Closing Ceremony

Closing is the divider between an interested buyer and a homeowner. The closing part of buying a home is the last step in the home buying process. It's best to understand what the closing process contains and what you can expect. Knowledge is power.

Basics of the closing process is discussing and signing papers. The closing agent, the realtor, legal representative and/or the mortgage lender will be present. The seller will also be present but won't be in the same room as you. They will have a separate closing process. Your process involves a legal representative who will go over each document with you. You, in turn, agree to the terms and sign. Most of the time the process goes quickly; however, schedule it on an off day. You need time to relax, focus and absorb the closing process. Closing during work hours increases the chances of rushing through it.

You will also need to pay closing costs and escrow fees. If you don't have the cash to pay it upfront, you can incorporate closing costs into the loan through higher interest rates or through the loan balance.

Some of the following documents are signed at springfield remax:

  • HUD-1 settlement statement
  • Final TILA statement
  • Mortgage note
  • Mortgage or deed of trust
  • Certificate of occupancy

As the real estate representatives get paperwork ready, you must bring your paperwork to avoid delays. Most closings require the following:

  • Proof of title search/insurance
  • Proof of homeowner's insurance
  • Mortgage insurance
  • Inspection records
  • Home appraisal
  • Flood certifications
  • Cashier's check

You may need to bring other things or you may not need anything. Each closing process is different depending on payment method and how much is completed prior to closing. This is your last opportunity to ask questions, make changes and stop the transfer. Make sure you understand every part of the document before signing.

There may be closing delays with the underwriter based on errors, missing paperwork and/or newly discovered information. All of this can be avoided if you have a realtor on your side and you are upfront about your financial situation.

Come into the closing ceremony with peace of mind. Contact us for more information.

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