Closing the Deal:
If you've made it through the arduous ordeal of getting loan approval, then all that remains to be done is to sign the necessary paperwork and to pay the closing cost and escrow fees. If you have not already received one, request a copy called "Settlement Costs - a HUD Guide" from your local HUD office.
If you've made it through the arduous ordeal of getting loan approval, then all that remains to be done is to sign the necessary paperwork and to pay the closing cost and escrow fees. If you have not already received one, request a copy called "Settlement Costs - a HUD Guide" from your local HUD office.
The paperwork will consists persons involved with outlining the terms and conditions of your loan agreed to between you and your lender, as well as the agreement between you and the seller regarding the transfer of the property.
See the section on Closing Cost for a detailed list of the numerous one time fees that are associated with obtaining a mortgage. Who pays what can be a factor in negotiations with the lender and the seller. Check your final lists of closing costs with your copy of the good faith estimate provided to you when you first applied for the loan, and be sure to question any changes or additions. You can also obtain a preview sample of the HUD-1 Settlement Statement on the HUD website.
Remember to have separate certified checks for each closing cost, since some, like the points, are tax deductible.
A final walk-through inspection is typically scheduled 24 hours before closing to make sure that property has been vacated properly and that there are no major problems. If necessary, you can request a delay on the closing until any issues have been resolved, or request for money to be credited from the escrow account to cover the cost of repair.
See the section on Closing Cost for a detailed list of the numerous one time fees that are associated with obtaining a mortgage. Who pays what can be a factor in negotiations with the lender and the seller. Check your final lists of closing costs with your copy of the good faith estimate provided to you when you first applied for the loan, and be sure to question any changes or additions. You can also obtain a preview sample of the HUD-1 Settlement Statement on the HUD website.
Remember to have separate certified checks for each closing cost, since some, like the points, are tax deductible.
A final walk-through inspection is typically scheduled 24 hours before closing to make sure that property has been vacated properly and that there are no major problems. If necessary, you can request a delay on the closing until any issues have been resolved, or request for money to be credited from the escrow account to cover the cost of repair.
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