You are just about ready to take possession of your new home. You’ve survived the budgeting, offering, negations and inspection. When you get to closing, you will be signing a dizzying amount of paperwork. That means you will want to go into the meeting informed and ready.
You will typically meet with your realtor and a title company representative. He or she will finalize and transfer the home into your name.
At least three days before this, you will be given a final dollar amount to bring to closing. You will need to provide the funds in the form or one (or more) cashiers check. This covers the first year of your homeowner’s insurance and any closing costs. It will also pay for your escrow premium and any down payment. Make sure you do not forget to also bring along proper identification.
It’s a good idea to review some of the initial paperwork before your closing meeting. This should include your appraisal and inspection reports. Make sure you also look over your homeowners and mortgage insurance agreements. Now will be the time to ask for a final walk- through of the home. Make sure that all repairs and other issues were properly addressed.
Remember all those papers you signed a while back with all of the disclosures and figures? Well, now you get to sign them again. Your representative at the title company should walk you through each document. He or she will explain the purpose of each form, prior to you signing them.
Your loan paperwork will have been through a thorough underwriting process. If there are any changes, you will be notified prior to signing them. ,Usually, any changes are very minor. There should be no surprises at a closing, so don’t be afraid to ask questions if you need clarification.
When all is said and done, a new deed listing you as the property owner will be filed with the county of residence. If anything goes wrong, rely on your lender. He or she will be your advocate in fixing any issues.
Most closings go smoothly and you will walk away with the keys to your new home.
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The blog and its opinions are expressly that of its author and does not convey the opinions or strategies of the Credit Union and should not be considered financial advice. CommunityAmerica’s Mortgage offers are subject to credit approval and terms may vary based on conditions.