This website has a wonderful First Time Homebuyer tutorial that you will really enjoy.
It is most informative for first time homebuyers.
I always suggest this to my first timers. They learn a TON!
I hope this was helpful information. Again, your realtor and escrow officer are the best source for you since they will have the details of the transaction. If I can be of any assistance, please feel free to call me.
Lesley Harris, Realtor
You need a competent agent experienced with first time buyers to represent you in the transaction. Part of his/her responsibility is to explain the process and paperwork to you, and protect your interests. Escrow commences after your offer has been accepted by the seller, and you provide your ernest money deposit to the escrow company. Escrow is an independent third party whose role is to ensure that all conditions of the contract are met. During escrow you will receive disclosures and information about the property you are buying. Towards the end of the escrow period you will be asked to provide the balance of your downpayment.. Escrow ultimately receives funds from your lender and disburses it to the seller's lenders. Your lender will explain your repayments for the mortgage you have selected.
Your Lender should have given you a GFE, (Good Faith Estimate).
Your Title Company should have given you a HUD1.
These two documents should answer all your questions.