Closing Checklist

Closing Checklist

The closing checklist outlines essential tasks, fees, information, and disclosures that must be completed before the title of the property is transferred to you. This checklist is a valuable tool for buyers, helping to ensure that the closing process goes smoothly.

As the buyer and borrower, you will need to address items on your checklist that are required by your lender, the seller, and the title company. Key components include:

  • Identification: All parties involved in the closing must present valid identification.
  • Insurance: Securing homeowner’s insurance is necessary before closing on the property, ensuring coverage in case of damage.
  • Proof of Title Insurance: You must obtain and pay for title insurance, which protects against any previous claims or liens on the property.
  • Closing Funds: Ensure you bring all required funds, either in the form of a cashier’s check or as an electronic wire transfer.

 

It’s advisable to discuss the items on your checklist with your realtor to ensure that nothing is overlooked. This will give you peace of mind, knowing that after the closing settlement, you will be able to move into your new home.

Home Equity Loan

As a homeowner you can borrow money using your home’s equity as collateral. This is called a home equity loan or a second mortgage, as it adds to your main loan

FHA Funding Fee

FHA funding fees are insurance premiums needed to secure your loan. How much you pay depends on your loan size, term, and down payment amount.

Second Mortgage

Second mortgages are loans secured by property already used as collateral for a home loan. They can be a home equity loan or a home equity line of credit.

Identity Theft

Identity theft is a serious crime where someone steals your personal information, like your name and social security number, to commit fraud.

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