Congratulations:) You have made it to closing. This is an exciting time for everyone involved. By this time you have already been notified as to how much money to bring to settlement. The check should be Bank funds and be made payable to the Title company. You will also be asked to bring 2 forms of identification.
Who will be present: You and your real estate agent and/or attorney.The seller will be present along with their agent and/or attorney. The lender will be present (request it) to review your mortgage papers. And the title agent who will coordinate the settlement.
The title company receives your funds and the funds from the lender. They act like a Bank at settlement, distributing the checks to the seller, realtors and lender.
What to pay attention to: Of course every aspect of a settlement is important. But you must pay attention most to the following. If you bring your original good Faith Estimate that was provided by your lender, you will notice that the HUD settlement sheet should mirror those disclosed costs EXACTLY. Also, pay close attention to the NOTE. Confirm the rate, term and be sure that the clause that states:” NO prepayment in whole or in part is listed”.
Closing should take anywhere from 45 minutes to 1.5 hours depending on lender. This is where it is important to have the lender present to insure that any issues that may arise, can be quickly resolved.
Once again congratulations.
It’s time to take a look at a Pre-Approval