Page 70 - The ultimate homebuyers guide - preview

The Latest Home Buying Guide

3. You get the title and keys to the home
How much does closing usually cost?
Usually about 3 to 5 percent of your loan

Important documents at the closing:
Your lender will send you a closing disclosure at least three business
days before the closing date. This will outline all your costs and
terms of the loan. Compare this document with the loan estimate
you received when you first contacted your loan’s officer. Question
any changes and only accept sensible answers. You will also get
your initial escrow statement which tells you the money the lender
will payout on your behalf during the first year. Expect to see
insurance and tax charges here. Your mortgage note is the promise
you are making to repay your loan. The mortgage deed or deed of
trust is what the lender uses to secure a claim to your home if you
fail to live up to the terms. And if you are buying a new home then
the certificate of occupancy is your legal authority to move in.
What should you take to the closing?

►Certified or cashier’s check
►Government photo ID that will match the name on the title

►All outstanding documents for your lender or title company
including homeowner’s insurance
►All documents that you received during the process includ-
ing agreement with the seller, home inspection reports
►Your walkthrough assessment forms

►Your personal checkbook just in case there is a last-minute
cost to cover
►Your reading glasses to see through the pages and pages of
documents
►A fully charged cell phones with a working camera

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