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Closing!
[an error occurred while processing this directive]Let's assume the appraisal went through okay. Great, you're ready to close! Closing is when you and the seller sign the ream of papers at the title company's office (although you'll probably each go in at different times) and the money changes hands. The title company makes sure (among other things) that the home is really the seller's to sell, and that there aren't any outstanding claims against the property. Even if you're not using a realtor, the sale will still be processed by a title company so that you have these essential protections. If you want further protection, you can hire an attorney to check the paperwork, though most people don't opt for this. I've never done it. You'll need to bring a bank check (not a personal check) for the down payment. If your closing costs weren't rolled into your loan, you'll also need to bring a bank check for the closing costs, too. For the mortgage money itself, just ask your lender to wire the money directly to the title company. That way you won't have to walk around with a big, scary check. Congratulations!
Now you know how to buy a house. You may also be interested in the Appendix Topics: Mortgages* How much loan can you get? Or in the Links to Other
Helpful Sites. Amount spent so far. Red items apply towards the
purchase. Amounts are typical, not exact. $40 Credit Check To the Lender $150 Option Fee Paid to the Seller. Might
apply towards purchase, depending on contract. Allows you to walk away
for any reason. $1000 Earnest Money Held in Escrow, probably by the Title company $400 Inspection To private inspection company to find physical
problems with house $100 Termite inspection To private company; required by your lender ($700) Termite treament (If necessary) $450 Appraisal Ordered by the bank so the can make sure the house is
worth loaning money on $3000+ Closing costs Varies a lot. Get the Good Faith Estimate from
your lender. $5140 - $5840+ Total
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