When one purchases a new home, closing day can be short. Everything moves fast and there are a lot of papers to sign. It’s good to review what will happen ahead of time, so one can feel prepared and close loan with confidence.

The number of people who will attend closing depends on many factors, including the state where the property is located, the property type, and more.

At the closing, in addition to you, the people attending may include:
• One’s attorney (if you have one)
• the seller(s) or the builder's representative (if one has bought a brand new home)
• the seller’s attorney (if one have one)
• both real estate professionals (one’s and the seller’s)
• a lender's representative or title company (in some cases)
• the closing agent (which could be a representative from the title company or a real estate attorney)
• a notary public

Understanding the Closing Costs

One receives a Loan Estimate (LE) several days after submitting an application. The LE is an estimate of loan’s costs.

There are many elements that may go into total closing costs, including: discount points, recording fees, Glossary Term: origination fees, appraisal, notary fees, attorney fees, title insurance, and more, depending on loan program and where live.

Ask lender to give an overview of all the fees in mortgage and to explain any don’t understand.

Prior to closing loan, one receives final Closing Disclosure listing final closing costs. Many of these costs one know ahead of time, as were listed in LE.

Once one determined closing costs, be sure to bring a certified or cashier’s check for the amount of closing costs.

One needs to provide those funds at closing. Typically personal checks aren’t accepted, so make sure to check with closing agent about which form of payment is acceptable.

Estimating closing costs

One will also pay closing costs when sign final mortgage loan documents. Typically, one can expect to pay about 3% of the total loan amount in closing costs, although that number will depend on the state in which purchasing in and the type of loan choose.
Closing Costs Calculator