You are near the finish line! Here are the final steps to closing the deal on your new home

Step 10   Closing the Deal

At least 3 days before closing do a Walk-Through to verify all agreed upon corrections have been made, debris is cleared, and the home is in relatively the same condition as when you put in the offer.

Your Lender will send you the RESPA required Closing Disclosure (CD) at least 3 days before closing. This disclosure will have the final loan details on rates, terms, and costs, as well as the amount you’ll need for the down payment. Read the CD carefully and verify it is in line with the original loan estimate. You’ll need to acknowledge receipt of the CD asap so your loan can fund and you close on-time. Please call your Lender if the Closing Disclosure Statement is incorrect or not in line with your previous understanding.

You will deliver your down payment to Title (or final payment if paying cash.)

Review the Settlement Statement (or HUD-1) from Title. This Statement will incorporate the information from the Lender's CD.

Depending on how things were timed and where funds are coming from, it can take a few hours or a few days for your loan to fund after the signed paperwork is returned to the Lender.

Once funded, Title will send your deed to be recorded with the County. When recorded, you will be the new owner of the home!

What to Expect for Closing Costs:

  • Prorated Property Taxes
  • Prorated Homeowner’s Insurance
  • Lender, Title and Escrow Fees
  • Per diem loan interest
  • The Lender's Insurance Policy
  • HOA Pre-Paids and Fees
  • Realtor Commissions (If not covered from the Seller's side)
  • Discount points on the loan

What You Should Bring to Closing:

  • Your driver's license or other valid, government-issued photo ID
  • A cashier's check or proof of wire transfer of your down payment
  • Have funds for your closing costs
  • Bring your copy of Settlement Statement to compare to the  paperwork you'll be signing
  • Bring phone numbers for key contacts, such as your agent, lender or lawyer, in case you have questions

Who Should Attend Closing:

All buyers who are going to be on the loan and/or deed should be at closing. If someone can’t be present, it is possible to close using a Power of Attorney, but that needs to be arranged ahead of time.

Typically your Title Agent or a closing agent who is a neutral 3rd party and a Notary will facilitate closing. These agents can answer basic questions you may have. And of course, your real estate agent can attend, so make sure you let us know when you’re signing so we can be there to help with questions.

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