Closing Tips
The mortgage loan closing (or settlement) is the final step
to official ownership of your new house. Even though you
have a signed purchase contract and your loan request has
been approved, you have no rights to the property, including
access, until the legal title to the property is transferred
to you and the loan is closed.
Every area of the country has its own unique closing
customs. Your REALTOR® can guide you through this process
and make sure everything flows together smoothly.
At closing, you will sign the mortgage loan documents and
pay your closing costs, the seller will execute the deed to
the property, and the closing agent will record the
necessary instruments to give you legal ownership of the
property.
Closing costs vary widely depending on your new home’s price
tag, location and other factors. Overall, you can expect to
pay between 1 and 3 percent of the sales price.
As soon as you receive your commitment letter from your
lender, you should confirm the actual date of loan closing.
Usually your real estate agent, lender and closing agent
coordinate a date with you. You want to make sure that
closing takes place before your loan commitment expires and
before any rate lock agreement expires. The closing date
also has to allow adequate time to assemble all of the
required documentation.
There are standard documents and exhibits that are commonly
required for a loan closing. Some of these will be your
responsibility. Some of these will be the responsibility of
other parties to the transaction, such as the seller and
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What Closing Entails
Once you put an offer on the home you want and the seller accepts it, talk quickly turns to the much-anticipated, ceremonial end to your home-buying experience: the closing.
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Types Of Loans
While finding the financing package that best suits your needs can be a complicated process, your local GMAC Real Estate sales professional can help you find the financing method that works for you.
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Choosing A Lender
Learn the in's and out's of determining a fair asking price for your home.
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Application Information
Your lender will need a complete picture of your financial situation to help determine how much home you can afford.
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Additional Resources
Below are some additional resources for
you to use. Click on the link to obtain full information on the subject.
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