The documents will vary based on where you live and the specifics of your home, but it could be up to 24 just for the loan and another dozen or so for the real estate transaction. It also outlines the terms of the loan, including any prepayment penalties and interest rates. Check it over carefully before putting pen to paper. This sheet of paper shows your interest rate, annual percentage rate, the amount being financed and the total cost of the loan over its life.
You definitely should give this document a close look to make sure there are no surprises. Mortgage or deed of trust: This is another big step. When you sign this document, you are putting your new home up as security for the debt you now owe.
Technically, the lender puts a lien on the property. Monthly payment letter: This paperwork breaks down your monthly mortgage payment showing how much goes to principal, interest, taxes, insurance and anything else you are paying as part of the payment. Closing disclosure: This multi-page behemoth replaces the old HUD-1 form. By law, you are entitled to get this form three days before your closing meeting and should be in the same format as the Loan Estimate you got after applying for your mortgage.
You should have had time to look this over before your meeting, but to err is human. Look it over carefully again. Review everything carefully before signing. Warranty deed or title: This piece of paper transfers the title from the seller to the buyer. It also contains the legal description of the property. Proration papers: These agreements explain how the buyer and seller are dividing up the property taxes, interest and perhaps homeowner association dues for the month in which the transaction is taking place.
Day before closing: Conduct a final walkthrough of your home to confirm that the home is in the same condition as when it was placed under contract. Get driving directions for where your closing is taking place and plan out how much time you need to get there.
Day of closing: Bring a photo ID for each person on the mortgage. Bring your certified funds. Bring any additional required documentation. Make any repairs stipulated in the purchase contract. Follow up on any terms detailed in the contract providing homeowner association paperwork, clearance letters, etc. Provide keys, codes, and anything else required to access your home. If the home is vacant, turn on all the utilities prior to the inspection. Reserve your moving truck or schedule movers.
Two weeks before closing: Request a change of address with the U. Begin packing up your belongings. One week before closing: Contact your utility companies to schedule final readings and disconnect dates.
Gather receipts and documentation to provide proof of required repairs and give copies to your agent. If you are required to bring any funds to the closing, request your certified funds.
Consider scheduling a cleaning company to give your home a deep clean or start the cleaning process yourself. Day before closing: Get driving directions for where your closing is taking place and plan out how much time you need to get there. Make sure the home is clean and all personal belongings removed.
Check cabinets, closets, and other nooks and crannies for forgotten items. Day of closing: Lock up the house. Are you in the process of buying or selling a home in the Knoxville area? Title Group would love to assist you in any way possible. You can reach us at or via email at [email protected].
Title Group of Tennessee is a full service Knoxville title company. Closing is the very last step in the process of buying or selling a home. Two Forms of Identification Bringing a form of identification to closing may seem obvious; however, in the process of a move, it can be easy to forget to bring identification or the correct form of identification. Funds For Closing Fund for closing are also another essential item to bring to closing. Homebuyers: What to Bring to Closing.
Explore All. All Articles Personal Business Mortage. Your Agent or Lawyer It is important to have an advocate who understands the intricacies of the home-buying process. A Photo ID Of course, buying a home requires you to first prove that you are who you say you are. A Copy of the Purchase Agreement Closing day is exciting, but there will be many moving parts. Proof of Homeowners Insurance Lenders require homeowners insurance before issuing a mortgage.
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