Section 04
Section 04
Your down payment and your closing costs are not the same thing. Closing costs are the expenses associated with completing the purchase and obtaining your mortgage. Depending on your transaction, they may include:
The exact amount varies significantly from buyer to buyer. Your lender will provide estimates so you know approximately how much money you will need to bring to closing.
Before closing on most mortgages, your lender provides a document called a Closing Disclosure. It shows the final details of your mortgage, including your loan amount, interest rate, monthly payment, closing costs, cash needed to close and other important loan information.
Compare it with the Loan Estimate you received earlier in the process. If something looks different, or you do not understand a charge, ask before you sign.
Shortly before closing, you typically have an opportunity to walk the property one more time. This is not another full home inspection. The purpose is to confirm the property’s condition is consistent with what the contract expects and that agreed-upon items or repairs, if any, have been addressed. You may check:
If something unexpected comes up, contact me before closing.
You made it. Closing is when you sign the documents necessary to complete your purchase. Your title company and lender will provide instructions beforehand. Depending on your transaction, you may review and sign closing documents, sign mortgage documents, provide your required funds, verify important information and complete final requirements.
Signing your documents does not necessarily mean you receive keys that exact second. The transaction still needs to officially close and fund according to its terms. Once everything is complete and we have confirmation that it has closed, it is time for the best part.
Welcome home.