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Have your HomeBuyerConsultant
provide detailed estimates of your closing costs early in the purchasing
process and update the estimates as more firm costs become known. Your
HomeBuyerConsultant can explain the typical costs and credits you will
incur at closing. (A very rough estimate for initial planning purposes
is to allow about 1.5% of the mortgage amount plus any points plus your down payment for
the funds you will need available at closing.)
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Immediately
after the Purchase Agreement is signed, meet with your mortgage company
and be sure all the information and up front costs that you need to
provide are furnished.
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Check
with your mortgage company a week or so later that the property
has been appraised for an amount sufficient for the mortgage
approval.
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Contact your insurance agent to purchase a
homeowner's policy to protect
the full value of the home.
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Have your HomeBuyerConsultant verify the name of the closing company,
address, the closing agent's name, phone number, and the time & date of
the closing. Furnish this information to your mortgage company.
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Determine (with the assistance of your agent or lawyer) the best way to
hold title if more than one person is involved in owning the property
and notify the title company or closing agent of your decision. (Click
here for more information.)
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Assure that an Owner's Title
Insurance Policy is being purchased and paid for at closing.
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One week before the closing date, verify that your mortgage company has
completed the paper work and will transfer the mortgage funds to the
closer in time for the closing.
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If the Purchase Agreement contained contingency clauses (such as, prior
sale of the buyer's current home), assure these have been satisfied or
removed.
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Assure that your HomeBuyerConsultant
gets the final closing numbers to you at least 24 hours before the
closing.
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The day before or on the day of closing, obtain a
cashier’s or certified check for final closing costs. (Personal
checks or cash typically are not accepted by the closer.)
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The day before closing assure you have a copy of your
homeowner's
insurance policy in your possession to take to the closing.
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Attend the closing on time, pay attention to the explanations by the
closer about the papers you are signing, ask questions to be sure you
understand everything, and be sure you are furnished copies of all the
paperwork. (If for some unforeseen reason the closing cannot be
completed, reschedule a time for completing the closing.)
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