Loan Surfer Home Buyer Guide

CLOSING ON YOUR HOME

WHAT IS CLOSING Closing is the final part of the homebuying process where you commit to your mortgage and become the legal owner of your new home. On closing day, you’ll sign your loan paperwork, and the property title will be transferred into your name. WHO WILL BE PRESENT AT CLOSING? Closing is the final part of the homebuying process where you commit to your mortgage and become the legal owner of your new home. On closing day, you’ll sign your loan paperwork, and the property title will be transferred into your name.

BEFORE YOU CLOSE To ensure a smooth closing, make sure you’ve taken the following steps prior to closing day: 1. Get a home inspection. 2. Get a homeowner’s insurance policy. 3. Determine who your closing agent will be. 4. Review the Closing Disclosure and make sure any errors are corrected. The lender is required by law to provide this three days before closing. After the Closing Disclosure is issued, you must wait three days to close. If any fees change, another disclosure must be issued and you must wait an additional three days. 5. Ask your lender to provide you with a copy of your other closing documents so you can review them in advance. These include the promissory note and mortgage (also known as the security instrument or deed of trust). 6. Find out how much money will be needed to close and how to transfer payment (e.g., cashier’s check, wire transfer). 7. Do a final walk-through of the home 24 hours before closing to ensure all repairs have been made.

• You (the buyer)

• Mortgage lender • Seller’s Agent

• Seller

• Title company • Closing agent

• Attorneys (if applicable in your state)

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