Buying a home is the largest single purchase that most people will make in their lifetime. So, when the day of closing arrives, it can be somewhat overwhelming – especially if you have never been through the process before. That’s why knowing what to expect can help to ease your nerves, at least a little bit!
One of the best ways to prepare yourself is to carefully review the closing – or HUD-1 – statement. This statement contains a wealth of details, including the amount of your closing costs, and the amount of your monthly mortgage payments. It is required by law that a home buyer receive this statement at least three days prior to the closing date so that there is plenty of time to go over it.
Once you arrive at the closing table, there will be a long list of items that will require your signature. These can include your certificate of occupancy, appraisal acknowledgment, and private mortgage insurance (PMI) disclosure, if applicable.
You’ll find that there are number of people who will be present at the closing. These can include your real estate agent, as well as a representative from the title company. In some cases, a representative from your bank or lender may also be involved.
Depending on the financing arrangements on your new home, you will typically be required to bring a cashier’s check to the closing table. This should be in the amount of your down payment, as well as any of the closing costs that you are responsible for. (You will be notified of the exact amount you need to bring at least 24 hours before the closing.)
If you’re considering moving to and / or from the Bakersfield or Ventura County area, give us a call. We can walk you through all of the necessary steps so that you’ll know exactly what to anticipate in the process.