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Understanding the Closing Process

The day has come and you are about to closewith obtaining a mortgage and transferring
on your new home. Once all parties sign theproperty ownership in one of two ways. First,
papers, the deal will be officially closedthey either roll them into the principal
and ownership of the property will bebalance of the new loan or agree to pay
transferred to you. This is your opportunityhigher interest rates and have their lenders
to make any last-minute changes to thefoot the bill. Second, some home buyers may
transaction.be  required to pay these out-of-pocket fees.
The day before closing, be sure to gather allThe  Actual  Closing
of the paperwork you have received throughout
the home-buying process (good faith estimate,Although closing procedures vary from state
contract, proof of title search, privateto state, the following parties will
mortgage insurance, home appraisal andgenerally be present at the closing or
inspection reports, etc.). You may need tosettlement  meeting:
refer to these documents at the actual
closing.- Closing agent, who may work for the lender
or  the  title  company.
Most contracts entitle you to a walk-through
inspection of the property 24 hours before-Attorney: The closing agent may also be an
closing. This is to ensure that the sellerattorney representing you or the lender. Both
has vacated the property and left it in thesides may have attorneys. You may or may not
condition specified in the sales contract. Ifwant to have an attorney present, depending
there are any major problems, you can ask toon how comfortable you are with the mortgage
delay the closing or request that the sellerprovider  or  lending  process.
deposit money into an escrow account to cover
any  necessary  expenses.-Title company representative to provide
written evidence of the ownership of the
The  Buyer's  Responsibilitiesproperty.
At  closing,  your  will  be  required  to:-Home  seller.
Sign legal documents - These fall into two-The  seller's  real  estate  agent.
categories: the agreement between you and
your lender regarding the terms and-The  borrower  of  the  mortgage  (you).
conditions of the mortgage, and the agreement
between you and the seller transferring-The  lender  of  the  mortgage.
ownership of the property. Be sure to read
all documents carefully before signing them,The closing agent conducts the settlement
and do not sign forms with blank lines ormeeting and makes sure that all documents are
spaces.signed and recorded and that closing fees and
escrow payments are paid and properly
Pay closing costs and escrow items -distributed.
Borrowers handle the numerous fees associated



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