What to expect at the Closing Table?
This is final part of the 10-part Frisco TX First time home buyer series. It is the closing day. It is full of excitement.
Prior to Closing Day
Prior to this, you should have seen your HUD Financial document paper to see exactly how much you are required to bring to closing. I would also strongly recommend that you ask for the truth-in-lending disclosure if you have not seen it.
If you prefer to review all the documents you will sign, you can request that from the Title Company. However, you must give the lender and title company ample notice. Sometimes, this is not possible, especially when your loan is approved just several hours before you go into closing.
Prepare a cashier’s check made payable to the Title company. The correct amount is on your HUD financial settlement paper. Prior to withdrawing your money, do make sure that there will be no hiccups on the day you need the funds.
On closing day, remember to bring your identification cards. A valid driver’s license will be sufficient.
A good title company will explain each document you are signing to. Expect to sign many documents that day (1 inch thick). Ask any questions you are not sure of. This “signing” process is called CLOSING.
After both parties (buyers and sellers) sign the documents, the title company will send documents back to lender for final review. Some lenders re-verify employment or credit score before releasing the funds. Hence, do not buy furniture or appliances on credit the weekend before closing. This may cause your credit score and credit ratio to change and differ from loan application and loan approval time. Wait until you close on the property to do that. As the lender releases the funds to the title company, this process is called FUNDING.
You have successfully CLOSED and FUNDED on your home. Essentially, the home is now yours.
CONGRATULATIONS!!!
Possession of your new Frisco TX home
Possession of your new Frisco TX home depends on how you negotiated at the beginning. Some sellers request a seller’s temporary lease while some sellers give possession of the property upon closing and funding. It is a negotiation between buyers and sellers.
Congratulations, you are now a proud owner of your Frisco TX home. This also concludes our Frisco TX First Time Home Buyer Series.
Last Notes: Prior to closing, remember to have utilities switched in your name on closing date.
3:16 team REALTY represents first time home buyers in Frisco TX and surrounding areas. Call today to see how 3:16 team REALTY can specifically help you in your unique situation.
(214) 783-2210.
Map of Frisco Texas
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3:16 team REALTY is a locally-owned real estate company serving Frisco
TX and the surrounding cities. Find out
(214) 783-2210
info (at)
316RealEstate.com
Loreena Yeo is the broker of record of 