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Old 07-14-2009, 11:24 PM
 
18 posts, read 48,818 times
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We're scheduled to close on our home in a few weeks. I know that we'll be expected to bring a cashiers check for the closing costs, ect and will have to sign a lot of documents.

Aside from that what else should we expect? Should we plan on it being an all day event or just a few hours?
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Old 07-15-2009, 10:34 AM
 
18 posts, read 48,818 times
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Btt
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Old 07-15-2009, 02:12 PM
 
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depending on the paperwork, and how closely you read all the documents, it can be as quick as 45min-1hr or several hours long if you choose to read all of the documents you're signing
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Old 07-15-2009, 02:54 PM
 
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Agree with Team Benya. If this is your first closing ever, plan on taking your time so that you thoroughly understand and have read everything you are signing and initialing. Not that you shouldn't read everything every time you close a loan but when you buy and refi a few times and buy again,etc., you "know" what some documents are about and can scan them and feel assured that they are ok to sign.

We just refied to a lower rate and closed in May and there were a few new docs from then and when we purchased last December. The industry seems to toss in new crap to sign as this housing mess continues to drag on and on.

I would especially read and re-read with a fine tooth comb the HUD-1 statement which is your good faith estimate also that you are supposed to be provided a copy with 3 days prior to closing. Make sure that you are not getting charged for what you are not supposed to pay and by this time, you should have done your homework and made sure your lender understood that you are not paying any junk fees (which is ANYTHING that does not go to a 3rd party for services they ahve provided to close your loan - if it ain't going to a 3rd party and it ain't going to you, it's going straight to the lender's wallet). Make sure you are not getting charged a funding fee (if you have a VA loan) twice -- that happened to us when we bought our first home years ago. We used the builder's lender and they tried to charge us twice for the VA funding fee.

Take a calculator with you, don't be afraid to speak up and ask questions if you don't understand.
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Old 07-16-2009, 09:19 PM
 
18 posts, read 48,818 times
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Thank you!
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