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hey guys...I am a first time homebuyer and I have a question about closing. Everything is done on our end and closing is set for this coming Monday, 9/28.
I have done everything I can to ensure we are on top of things...asked my attorney, realtor, etc. and everyone says I am good.
But being the paranoid one that I am I just want to make sure I know what to expect at closing. Do I need to bring anything? I have reached out to my loan closer asking her to give me a final amount I need to bring to the closing but havent heard back. Aside from that amount...is there anything else I need?? I have been quoted a few times throughout this process that i will roughly need this one certain amount but the closer said until she can get a hold of the title, etc she cant give me a final number...what are the chances that what she tells me and what I have been quoted are going to be way off?
May depend on which state you are in. You need to get a copy of the HUD-1 closing statement to review and check your costs - you should receive a preliminary copy to review for errors (at least we do from our title companies here). Will also have amount you need to bring. Other than that, you will probably need some form of ID like a drivers license.
You are being a little paranoid but so was I and probably everyone on here when they bought there first home. If you are closing Monday, the loan documents will probably be at title tomorrow where they will work up the hud which will let you know exactly how much money you need to close. Your loan officer should be able to provide a pretty close estimate within $500 or so.
As above poster said, you will need to bring a form of identification. Also, if you need to bring more than $1500 to close you will have to get a cashiers check or money order.
So sit back, relax and rest your hand as you will be signing your name a thousand times at closing.
Congrats on buying your first home. Dont forget about the tax credit you will get.
When do they give you the total amount you need to bring to the table? I don't close until Oct 9th, but is this something my lender could tell me right now? This info is required to get the cashiers check, right?
Escrow can probably give you a preliminary closing statement so you can get an idea of the closing costs, but some things might not be on there yet. In Arizona, lenders typically send their settlement fees to the escrow/title officer along with the loan documents for signing. By that time, all the underwriting is done, flood certs, credit reports ordered, appraisal is in, insurance is quoted and associated costs have been invoiced for payment at closing. Then escrow can prepare a "pre-audit" with the title and escrow fees reflected along with the lender's fees. Most escrow offices only accept certified funds; they actually prefer wired funds. Check first about their policy on cashier's checks before you assume they will accept them. It's better to overfund the closing costs & get reimbursed than to be scrambling for funds at the closing table. Even being $100 short can cause a pain. Most residential closings have a day or two between signing and closing, and wires are almost instantaneous these days, so you shouldn't have any last minute surprises. And yes, bring proof of identity for the notary....DL, passport or similar government issued photo ID. Good luck!
When do they give you the total amount you need to bring to the table? I don't close until Oct 9th, but is this something my lender could tell me right now? This info is required to get the cashiers check, right?
Typically a day or so before closing. Your lender should be able to give you a ballpark figure.
hey guys...I am a first time homebuyer and I have a question about closing. Everything is done on our end and closing is set for this coming Monday, 9/28.
I have done everything I can to ensure we are on top of things...asked my attorney, realtor, etc. and everyone says I am good.
But being the paranoid one that I am I just want to make sure I know what to expect at closing. Do I need to bring anything? I have reached out to my loan closer asking her to give me a final amount I need to bring to the closing but havent heard back. Aside from that amount...is there anything else I need?? I have been quoted a few times throughout this process that i will roughly need this one certain amount but the closer said until she can get a hold of the title, etc she cant give me a final number...what are the chances that what she tells me and what I have been quoted are going to be way off?
getting nervous...any help would be appreciated!
That does not sound good. Before I closed, my lawyer sent me a letter stating how much money I need to bring to closing. At closing, they will take your check and use it write a series of checks to pay closing costs. You will not be able to close without the title. Call your lawyer now!
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