An estimate of the total costs to get a loan when buying or refinancing a home
After you apply for a loan, a lender or broker is required by law to give you a Good Faith Estimate within 3 days. The costs will include lender and broker fees, loan-related fees, and third-party fees, such as the title insurance and appraisal.
Most of these fees must be paid on the closing date, the day when the sale or purchase of a home is completed.
Mortgage definitions and Real Estate Terms, Consolidating loans, refinancing mortgages and reverse mortgage process available to anyone. This consumer information site contains several tools and guides to aid in purchasing or refinancing a home or commercial property.
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Showing posts with label Closing date. Show all posts
Showing posts with label Closing date. Show all posts
Wednesday, April 19, 2006
Friday, April 14, 2006
Closing date
The day when a home’s sale or purchase is completed
The closing date, agreed upon by both the seller and buyer, is written in the purchase/sale agreement. Depending onwhat state the property is located, a closing can either bean actual meeting that takes place between the buyer and seller, or escrow, which doesn’t require a meeting.
Even though what happens at on the closing date varies from state to state, in general, there are 4 main steps:
(1) the buyer pays for the property, including the down payment and lender fees
(2) the buyer and seller sign the final closing documents
(3) the deed is recorded at the county courthouse
(4) the mortgage officially begins. In some states, these steps span over several days leading up to, and after, the closing date.
The closing date, agreed upon by both the seller and buyer, is written in the purchase/sale agreement. Depending onwhat state the property is located, a closing can either bean actual meeting that takes place between the buyer and seller, or escrow, which doesn’t require a meeting.
Even though what happens at on the closing date varies from state to state, in general, there are 4 main steps:
(1) the buyer pays for the property, including the down payment and lender fees
(2) the buyer and seller sign the final closing documents
(3) the deed is recorded at the county courthouse
(4) the mortgage officially begins. In some states, these steps span over several days leading up to, and after, the closing date.
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