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You have already learned:                         

How to budget for a home.

How to look for your dream home.

How to find a lender and apply for a loan to purchase that dream home.

Now it is time to discuss how are you are going to survive the “closing process” of that loan on your “Dream Home!”  The closing of a home loan often is the most confusing and difficult part of the home purchase process.  There are many forms that you are asked to sign.  You may encounter good and not so good closing agents.  There are few things about the loan closing that you should always remember:

  1.  Never be intimidated by your closing agent.  The closing agent may close several loans a day.  They become so familiar with the forms and process, that sometimes they forget that you are a novice.
  2. If you do not understand what you are signing, don’t sign until the closer has explained the form so you can understand it.
  3. Remember, it is your signature on the dotted line, not the closer’s.  The closing company is getting paid a fee to close your loan and you should expect excellent customer service.

Your lender, real estate agent or closing agent, will contact you to let you know when it is time to close your loan.  All parties purchasing the home should be present for the closing.  On occasion, if one of the parties is out of town at closing time, documents may be signed ahead of time.  For the purpose of this class, however, we are going to role play with all parties involved in a closing presentation.

The following is a list of some typical “closing documents.”

  1. HUD 1 – Settlement Statement
  2. Addendum to HUD 1
  3. Assessor’s Letter
  4. Truth in Lending Disclosure Statement
  5. Escrow Disclosure
  6. Assumption Disclosure
  7. Prepayment Letter
  8. Affidavit that there are no Outside Agreements
  9. Mortgage or Deed of Trust
  10. Note
  11. Termite Certificate
  12. Survey
  13. Survey Disclosure and Receipt
  14. Encroachment Affidavit (if needed)
  15. Flood Zone Disclosure
  16. Loan Application
  17. Addendums to Loan Application
  18. Warranty Deed
  19. Lien Affidavit

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Table of Contents | Homebuyer Course Start Page | Find A Realtor | Budgeting To Buy a Home | Neighborhoods | Find Your First House | Inspect Before You Buy | Shop For a Mortgage Loan | Mortgage Home Loan Process | Credit Score and Credit Report | Home Mortgage Loan Closing | Being a Home Owner

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