What Happens at Closing

The closing meeting is where ownership of the home is officially transferred from the seller to you. Your closing agent coordinates all of the document signing and the collection and disbursement of funds. Your main role at the closing is to review and sign the numerous documents related to the mortgage loan and to pay the closing costs.

Most of the people involved with the purchase of your new home will attend your loan closing. The closing is a formal meeting typically attended by the buyer(s) and the seller(s) (and their attorneys if they have them), both real estate sales professionals, a representative of the lender, and, of course, the closing agent.   The meeting takes about one hour and usually is held at the closing agent’s office.

The steps below explain what happens during and after the closing meeting:

1 - First, the closing agent reviews the settlement sheet with you and the seller and answers any questions. Both you and the seller sign the settlement sheet.

2 - The closing agent then asks you to sign the other loan documents, such as the mortgage note and Truth-in-Lending statement. Evidence of required insurance and inspections is also presented (if it wasn’t previously given to the lender).

3 - If everyone agrees that the papers are in order, you (and the seller) submit a certified or cashier’s check to cover the closing costs and the balance of funds due (if applicable). And, the check from the lender covering the mortgage amount is submitted to the closing agent.

4 - If the lender will be paying your annual property taxes and homeowner’s insurance for you, a new escrow account (or reserve) is established at this point.

5 - You receive the keys to your new home.

6 - After the meeting, the closing agent officially records the mortgage and deed at your local government clerk’s office or registry of deeds. This legal transfer of the property may take a few days after closing. The closing agent usually will not disburse the funds to everyone who is owed money from the sale (including the seller, real estate professionals, and the lender) until the transaction has been recorded. It is at the point of deed recordation that you become the official owner of the home.

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Closing Activities Checklist

In the weeks before closing, you’ll need to make some important decisions. Your lender and your closing agent will be handling many pre-closing activities. But you still need to be aware of them and know who typically arranges and pays for each activity.

No later than three business days after your loan application was received, your lender should have delivered or mailed to you a “good faith estimate” of the total charges due at closing and a copy of the government publication Settlement Costs: A HUD Guide. Then, one business day before the closing meeting, your closing agent must allow you to review a copy of your two-page settlement form — called the HUD-1 Settlement Statement.

The good-faith-estimate is based on the lender’s typical loan origination costs for the area where your home is located. So the estimate usually changes between application and closing. That is why you’ll want to review your settlement form before the closing meeting. It will show you the actual amount of money you’ll need to bring to closing. Remember that you’ll need to pay your closing costs in the form of a certified or cashier’s check. Personal checks usually aren’t accepted.

Closing costs vary widely depending on price, location, and other factors. Overall, you can expect your closing costs to amount to between 3 percent and 6 percent of the sales price.

More on this topic in Part 3 of Closing on Your Home…

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These are "MUST DO NOT" things before buying (or even looking) for a home.

No Major Purchase of Any Kind:

When you get a raise or accumulate some savings, you may find yourself confronted by an innate instinct of modern civilized men and women.  It begins simply, by going out to restaurants, then accelerates to buying clothing, electronic gadgets, and since most Americans have a special fondness for the automobile, you may even buy a "brand new car."

If you're married or ambitious, a few months later your thoughts eventually turn toward buying your own home, or a move-up home, if you are already a homeowner.  Next, you contact a loan officer to get prequalified for a mortgage loan. You state your desired price and how much you can put down. You provide your income and may even supply pay stubs and W2 forms. The loan officer methodically crunches the numbers (by telephone, in person, or even over the internet).  "If only you didn't have this car payment…"

Don’t Move Money Around:

When a lender reviews your loan package for approval, one of the things they are concerned about is the source of funds for your down payment and closing costs.  Most likely, you will be asked to provide statements for the last two or three months on any of your liquid assets.  This includes checking accounts, savings accounts, money market funds, certificates of deposit, stock statements, mutual funds, and even your company 401K and retirement accounts.

If you have been moving money between accounts during that time, there may be large deposits and withdrawals in some of them.  The mortgage underwriter (the person who actually approves your loan) will probably require a complete paper trail of all the withdrawals and deposits.  You may be required to produce cancelled checks, deposit receipts, and other seemingly inconsequential data, which could get quite tedious.

Perhaps you become exasperated at your lender, but they are only doing their job correctly.  To ensure quality control and eliminate potential fraud, it is a requirement on most loans to completely document the source of all funds.  Moving your money around, even if you are consolidating your funds to make it "easier," could make it more difficult for the lender to properly document.

So leave your money where it is until you talk to a loan officer.  Oh…don’t change banks, either.

Should You Change Jobs?:

For most people, changing employers will not really affect your ability to qualify for a mortgage loan, especially if you are going to be earning more money.  For some homebuyers, however, the effects of changing jobs can be disastrous to your loan application.

 
Think ahead.  If you're even beginning to think about a new (or move up) home this year, talk to a real estate broker first.  They can properly advise you as to how ANY purchase now, could affect your ability to get that new home you want, later.loan additional studentambassador loanonline access loan chase bank accountloan on 78 rule addpaying on student advice loans1000 loan payday advancerule for a loan 78thaces loans student Mapdownload movie pornstars porn movielesbian movies prettymovie quicktime for pc playervampire rare moviessex real moviesmovie jeremy clips ronmovies underwear sapphic Map