| Now
that you have a house-buying budget, you are able to look
for a home that fits within your financial abilities. It
also helps with negotiations if you come in with an offer
pre-qualified. Once you
find a home and made a purchase offer, your lender will
require an appraisal to assess the property value. In
addition to reviewing the title documents, your lender will
require that you obtain title insurance, which is added on
during the closing process.
Your lender will supply you
with a good faith estimate of closing and related costs and
an initial truth in lending disclosure. At this time, you
may be asked for additional documentation like insurance,
etc.
Once the loan documents are
drawn, they are sent to the title company and the closing
phase begins. At the close, you will be called to the title
company to sign final documents.
Before your appointment, make
sure you bring all the necessary paper work. Check with your
loan officer/realtor to make sure you have everything. The
documents will be notarized, so bring a form of ID with you.
You will also be asked how you want to hold title to your
new property. It’s best to check with a tax consultant or
other professional to determine which method is best for
you.
After the closing, your
lender will take one last look at the loan and then fund the
loan via wire transfer. The title company records the deed
of trust and the note at the county recorder’s office, and
closes the loan.
You now have completed the
process and are in your new home. |
