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.
I hope this guide has been helpful to you.

You may also be interested in the Appendix Topics:

* How much loan can you get?
* Understand Compound Interest
* Paying off a 30-yr. loan in 15 yrs.

Other Appendix Topics:

* Renting vs. Buying: Financial Impacts
* Don't pay cash even if you can
* The Debt Ratio
* Figuring your monthly pmt.
* Tax breaks are actually welfare for the rich

Or in the Links to Other Helpful Sites.

Amount spent so far.   Red items apply towards the purchase. Amounts are typical, not exact.


Credit Check

To the Lender


Option Fee

Paid to the Seller. Might apply towards purchase, depending on contract. Allows you to walk away for any reason.


Earnest Money

Held in Escrow, probably by the Title company



To private inspection company to find physical problems with house


Termite inspection

To private company; required by your lender


Termite treament

(If necessary)



Ordered by the bank so the can make sure the house is worth loaning money on


Closing costs

Varies a lot. Get the Good Faith Estimate from your lender.

$5140 - $5840+


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