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Home Buyers Guide

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Step 9: The Closing

Bring your checkbook! Anyone that has purchased a home will tell you that there are many checks to be written. Be prepared to sign many bank documents, including the note and mortgage. The note is your promise to pay back the loan. The mortgage is a security instrument, which makes your home collateral for the loan.

While this can seem a little scary, if your loan officer, attorney, and Realtor have properly prepared you about what to expect, it will be a far less frightening experience. Be sure to ask your lender for a printed outline of what the costs will be at closing, so you will not be surprised. He or she can give you a complete rundown of everything you will be paying for, including the items you can write-off, such as pre-paid taxes. Make sure that you understand what kind of payment will be required. Some items require a bank check; others will accept a personal check. Find out in advance!

You'll be expected to pay some of the following items at closing:

Insurance escrow
Taxes in escrow
Fuel: If your home is heated with oil, any fuel remaining in the tank will be assessed and a fair value will be reimbursed to the seller.
Title Closer/ title fees
Attorney's fees
Balance of downpayment:
Bank fees

Who will be at the closing:

Your attorney
The bank's attorney
Title closer
Seller's attorney
Seller

Don't Be Distressed

Although it may seem like the process will never end, it does. And, the best part come when you receive the keys to your new home at the closing. Depending upon your agreement with the seller, you will be able to begin moving immediately after the closing or in many cases within a few days after the closing.