How much money do you need to bring to the table on closing day?
Reminder: Keep your copy of the "good faith estimate" and compare it to the final list of closing costs. Question any changes or additions. Your closing agent should allow you to review the settlement form one business day before closing.
You may want to preview a sample of the HUD-1 Settlement Statement at the web site of the Department of Housing and Urban Development. The site also has other helpful information about closings and settlement.
At this point, having secured the mortgage loan, you already have paid for the loan application fee, the property appraisal and some of the down payment. At the closing, you will need to pay the balance of your down payment. There are other costs that still must be paid in order to close the sale, unless you already have arranged and paid for them. (If so, bring receipts and other documentation with you to the closing.) These costs can include:
- Title search and insurance
- Termite or other inspections
- Homeowner's hazard insurance
- Flood insurance
- Attorney and closing agent fees
Additional fees related to the loan:
- Loan origination fee
- Points, if any
- Private mortgage insurance (PMI)
- Balance of your down payment
Reminder: Have separate certified checks for all closing costs. Some of the costs, such as points, are tax deductible. Also, bring your checkbook, so you can write a personal check for small miscellaneous expenses such as photocopying.
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