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Closing takes place at the Title Company's office. We
send all your paperwork there so it's ready when you
arrive. The closing company will call you a couple days
in advance to let you know how much money you'll need
to bring for the closing
costs. Remember to bring a certified check for that
amount. The title company can't accept personal checks.
At the closing you'll sign various documents, including:
- HUD-1 Settlement Statement
- Note
- Mortgage
The HUD-1 shows all
the financial details of the transaction, including
the purchase price, the loan amount, the closing costs,
and the total amount to be paid in by the buyer. The
closing costs are itemized and the title company's closer
will go through each of the costs. Check them against
your closing costs estimate sheet to make sure they
are accurate.
The Note is the legal
document that creates the obligation to the buyer to
repay the loan to the lender. It will show the loan
amount, the interest rate and the amount of the monthly
payments.
The Mortgage is the
document that gives the lender an interest in the house
as security, or collateral, for the loan.
After all the documents are signed you are the owner
of a new home!
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