Items to check on your CD: ur CD:
• Check the spelling of your name. • Check that loan term, purpose, product, and loan type match your most recent Loan Estimate • Check your interest rate. • Does your loan have a prepayment penalty? • Check that your Estimated Total Monthly Payment matches your most recent Loan Estimate. • Check to see if your estimated taxes and insurance, are or are not in escrow. • Check that your closing costs match your most recent LE. • Check that your cash to close matches your most recent LE. Then comes the closing, the moment everyone has been waiting for. The buyer and the seller sign the final paperwork. The deal is closed and the keys to the home are handed to you.
SOME TIPS REGARDING CLOSING
Give yourself enough time. Don’t set a short closing date unless you are paying cash. As you can see, there are many steps to a home purchase. It takes time for the loan process to be completed. Ask your agent to make your closing aligns with the actual move from your old residence to the new home. Mortgage payments are almost always due on the first day through the 15th of the month. The payment is applied to the preceding month. Mortgage loans (unlike rent which is paid for the month that you are about to enter) is paid in arrears. As an example, if you close in July, the first payment (for August) is due on the 1st of September. However, interest is due for the
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