The most exciting part of buying a house occurs on the date in which you close on the loan. This is called your mortgage closing, and this date is typically when you will receive the keys to your new house. Your mortgage lender will let you know when this date will occur and what time you should be there, and the lender will also let you know what you will need to bring with you. Here are some of the main things you will need on that day.
Your ID card
The first thing you will need is your ID card, such as your driver's license. The title company that is handling the closing must verify that you are really who you say you are, and they will also need to make a photocopy of your ID. Additionally, you might need to bring your Social Security card with you or another form of proof of identity. A mortgage closing is a serious event, and you will have to prove that you are really you before you can close on the loan.
A cashier's check
A second thing most homebuyers need to bring with them to closing is a cashier's check. Most title companies will not accept cash, money orders, or personal checks at mortgage closings. They will only accept cashier's checks, and you can purchase a cashier's check at your local bank. A few days before you close on the house, your mortgage lender will call you or email you to tell you what the amount should be for this check. If you show up without the check, you will not be able to close on the loan.
When your lender tells you the amount, they will typically also give you a settlement statement. This shows the breakdown of how they came up with the amount you will need to close on your loan, and you should make sure this document is accurate before attending your closing.
In most cases, people buying homes will not need anything else accept an ID and a cashier's check, but there are times when people may need to bring documents with them. For example, you will be required to buy homeowner's insurance on the house before closing. If you just purchased a policy one day before closing, you will be instructed to bring with a letter from the insurance company that proves you purchased a policy.
If you are new to the home-buying process and have questions about how to buy a house, contact a real estate agency to talk to an agent in your city.Share
26 April 2018
I have always been someone who is passionate about making the world around me more beautiful, which is probably why I was drawn to real estate initially. I really wanted to create a place where me and my family could spend a lot of time together in a peaceful, relaxing place, so I started looking for places in my area that were fit for the job. Within a few months, I was able to find an incredible property that was within my price range, so I purchased it as soon as possible. This blog is all about choosing beautiful real estate.