Home Buying in Newark>Question Details

Martin Vande…, Other/Just Looking in Newark, NJ

What will happen at closing?

Asked by Martin Vanderbilt, Newark, NJ Sat Mar 22, 2014

I was speaking to my sister-in-law's fiance and he mentioned a few things about going to a title company after searching, viewing, negotiating, and finally contracting their new home. I was curious to know what happens then.

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Basically, you'll sit at a table with your broker, the broker for the seller, probably the seller, and a closing agent. The closing agent will have a stack of papers for you and the seller to sign. While he or she will give you a basic explanation of each paper, you may want to take the time to read each one and/or consult with your agent to make sure you know exactly what you're signing. After all, this is a large amount of money you're committing to pay for a lot of years! Before you go to closing, your lender is required to give you a booklet explaining the closing costs, a "good faith estimate" of how much cash you'll have to supply at closing, and a list of documents you'll need at closing. If you don't get those items, be sure to call your lender BEFORE you go to closing. Be sure to read our booklet on settlement costs. It will help you understand your rights in the process. Don't hesitate to ask questions.
1 vote Thank Flag Link Sat Mar 22, 2014
My office is located in Newark and we specialize in this area. The mortgage company or lender that will be providing you with the funds to purchase the home will coordinate and schedule the closing. They will give you instructions on exactly how much money to bring to the closing table and if there are any other items that might be needed. I recommend that you do a final walk through of the property before you go to the closing table to make sure that everything is the same as it was when you had you last visit. Once everything is finalized between the mortgage company, attorney and or title company you will show up to the closing with a copy of your ID and the check. You sign all the mortgage documents such as the mortgage, the note and several disclosures and finally the settlement statement (HUD-1), which is a summary of the entire transaction. After that you get a copy of the deed and keys and the process is done! If you have any more questions please feel free to contact me directly at damon@damonhelps.com!

Thanks,

Damon Redmond
CEO
Option 1 Realty Group, LLC
456 Washington Street
Newark, NJ 07102
973-623-1001 office
973-623-1004 fax
862-371-9951 cell
0 votes Thank Flag Link Sun Mar 23, 2014
First thanks for the question and yes its a very good one and i see where lenders dance around the subject or sugar quote it. So i thought i would give you the Fannie Mae Guidelines and show you who to read them. https://www.fanniemae.com/content/pricing/llpa-matrix.pdf So for argument sake lets say a mortgage of $200K with a base rate of 4.00% 700 Fico and 5 down payment leaving you Financing for $190,000.00 (see table 2 to compute) there is a 1% added to the rate. Making your rate now 5% also keeping in mind that there will be .875% charge for Mortgage Insurance PMI. (less than FHA). Should there be any question you are welcome to give me a call.

My only job is ensuring that you make the right choice for you and your family as this is my ultimate goal. I am committed to providing you with mortgage services that exceed your expectations. As always, you may contact me anytime by phone, fax or email for personalized service and receive expert advice from a Bank Mortgage Banker who is responsible for the decisions on all mortgages coupled with over 17 years of experience in the industry. I look forward to working with you! And making your dreams a REALITY
0 votes Thank Flag Link Sat Mar 22, 2014
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