Closing Tips for First-Time Buyers

The closing process is very important, but it can seem overwhelming.There’s a new mortgage process called TRID, and if you just work with your real estate attorney, it will all go flawlessly.

When you’re at the closing table, the bank attorney will give you the most important document, which is the note itself. The note will be about 16 pages long and detail everything about the mortgage, including the rate, terms, and amortization schedule.

The other key document is called the closing document, which used to be known as HUD. The closing document spells out everything. You get the closing document three days before you actually close on the property, so make sure you review everything. If you have any questions, get with your attorney so they can answer them.

Other key things to pay attention to include the down payment, what the bank is funding, and other fees like attorney fees, courier fees, and mortgage fees. Review everything before closing.

Finally, there’s title insurance. There is an owner policy and a lender’s policy. You don’t have an option not to pay the lender’s policy. However, you can choose whether or not you want the owner’s policy. I recommend buying the owner’s policy; it will protect you down the road, and it’s a minimal expense for maximum protection.

After everything is signed and done, you get your keys to your new house! If you close at the registry, they will type it up and report it right away. If you close at the attorney’s office, it can take a few hours. If you close in the morning, you can get into your house that afternoon. If you are at the attorney’s office in the afternoon, be aware that you might not get the keys until tomorrow morning.

If you have any questions, give us a call or send us an email. We would be happy to help you!