Now is the time for the big step of making the purchase. This is the part of the process that can seem the most confusing yet also the most exciting. Obtain an estimate of closing cost through your lender. Closing costs cover the amount of money you pay to close a mortgage loan, aside from the down payment. The closing cost fees are generally placed into one of three categories:
- Lender Fees – costs associated with lender
- Title Fees – cost the title or settlement agent will charge to handle the transaction
- Escrows/Impounds – money collected upfront to pay your taxes and insurance
One of the final steps in purchasing your dream home is signing the sales documents and disclosures. This is where everything becomes “signed, sealed and delivered” and you become an official homeowner.
- You will want to make an appointment with your sales associate to sign the sales documents.
- Verify that all of your information is accurate.
- Read the disclosures carefully and ask questions.
- Sign all title documents.
- Schedule a final walk-through to verify everything in your home is in working order.
- Utilize an Inspection Checklist.
- Obtain your keys and get ready to move into your new home!