Ask:
We'll be closing on are first home at the end of the month. I'm getting nerves about closing. The moragate broker has not send how much are closing cost are yet.
How long does it take and how does the money get payed out?
Answer:
Closing as in you're buying the home, right?
The mortgage broker is supposed to give you a 'fair lending statement' which should include an estimate of your closing costs.
Also DEMAND that they let you have an review ALL the closing documents 24 HOURS before your appointment to come in and sign. This gives you time to calmly read all the material for accuracy and they can make any changes before you close.
Other than that, be prepared to sign your name A LOT.
Answer:
Yep. Take your checkbook and a good pen. They should give you a good faith estimate - you should have had that for awhile, to ensure you have enough funds to cover everything - now is the time to negotiate any fees out, not get hit in the end w/"junk" fees. And this needs to be in writing.
As the above said, READ everything! They are notorious for throwing junk fees in at the end. Don't sign anything you didn't agree to, and don't sign anything wrong - they say they'll fix later, or blank - they say they'll fill in later. Here, we do our closings at a title company office. There was no realtor or builder rep there.. They tried to throw things in, then when we disputed, they said that there was nobody to approve the change. We refused to close - just like on our walk through the day of, the back door lock wasn't in place - it was a new build and the house had been broken in to. They tried to say they'd have it done by the next morning and we said we refused to close unless it was done. They found a way to have it fixed within an hour. This is where YOU hold the cards, and they are so used to rushing people through. Question any surprises. And good luck! How exciting!
Answer:
Ok you should have already gotten the Good Faith Estimate of closing costs, call and ask where it is or look through your papers. ONE DAY before closing you should receive a copy of the HUD-1. The Hud-1 is the exact financing paperwork you will sign at closing, you need to go over it with a fine tooth comb, every line! If their are problems you need to call the title company imediately and have them correct it. Check all the mortgage fees, make sure there are no other added fees. Check the rates, they are known to raise the interest rates a quarter of a percent and most people miss it. Normally you have to have a cashiers check not a personal check for the amount due and pay it to the title company, they will handle all the finances. But your realtor should have already told you all this, or will tell you when it's closer to closing. Good Luck!