For first-time homebuyers, buying a house is very overwhelming. But going to a closing is even more of an overwhelming process. There are a lot of documents that must be read through and executed. As a result, we’ve created a helpful guide with everything you need to bring with you to be prepared for your next real estate closing.
What Information Do You Need To Know Before Closing?
First things first, there is some critical information that any homeowner needs to have prior to closing. This includes things like your loan amount, your monthly payments, the interest rate of the loan, and the life of the loan. All this information will be personally crucial for you, as the home buyer.
What Do You Need To Bring With You?
While your loan information can stay at home, there are some important documents that you must bring with you to a closing if you want a smooth and seamless closing. Ideally, you will want to bring a photo identification with you such as a driver’s license or passport. In addition, every home buyer will need to bring any funds that are due at the time of the closing This could include things like closing costs and other fees.
What Documents Need A Refresher?
The home buying experience can be an intimidating and overwhelming experience for any new home buyer. There are a variety of documents being passed around and handed to you that it can take its toll on what are the more important ones to actually read and which ones don’t need your attention. The HUD-1 Settlement Statement needs to be thoroughly read and understood before you go close on any real estate purchase. This statement details the fees associated with the mortgage transaction and can be a great time to compare the Good Faith Estimate (GFE) to the final HUD-1.
Colony Title: A Title Company You Can Trust
At Colony Title we will help you through the process of getting you property’s title and help you avoid the hidden costs and pitfalls while you buy your home. We are well trained in identifying any and all errors in public records and helping you resolve them. We specialize in real estate title insurance in both Maryland and Washington D.C. and we will provide a number of services including performing a title search, check through past documentation and examine records for any fraud or forgery. For more information on how we can get you into the home of your dreams, contact us online or give us a call at 410-884-1160. To get more updates on the housing market and how to get into your home, follow us on Facebook, Twitter, LinkedIn, and Google+.