The day that you close on your new home is exciting, however, it can sometimes be very frustrating as well. Generally, you will be under a great deal of stress. You've been packing, moving, often selling a home in another location, starting a new job, and buying a new home. Now you're ready to move-in and start life in a new location. Please take a few moments to review the following things we feel will help make the closing easier...

If you are selling a home in another area, especially in another city or state, please notify the closing attorney or agent for your current residence that you must have a cashier's or other type of "certified" check for the balance of your equity. It can take up to seven days for a standard business check to clear the banking system and be officially deposited into your account. Although you have deposited the funds into your account locally, if the check you deposited was not "certified", the funds may not be available at the time you need them. This can be a major problem, especially if you are on a tight closing schedule between your current and new home.

If possible, you should set-up a bank account locally well in advance of your move. This will permit you to have an account into which funds from the sale of your prior home may be wired transferred or deposited. The branch bank where you set-up your new account will write a certified check for you to take to closing. They will not be able to do this unless the funds you have deposited with them have had time for collection of non-certified type funds, or if you have deposited a certified check, or wire transfer.

Generally, a day or two before the date of the closing, we will provide you with a copy of your "closing statement". This is sometimes called a settlement or HUD-1 statement. It is an itemization of all charges for closing your new home including net proration of property taxes, transfer fees, attorney fees, points paid, loan origination fees, and courier and filing fees. Additionally, the amount of deposit you originally made as earnest money will be shown as a credit back to you. I will review this sheet with you to help you make sure that all charges and credits have been properly listed.

Whether or not you actually borrowed any funds, the net amount that you must bring to the closing will be indicated as "Net from Borrower" at the bottom of the front page. This is the amount that you must bring to the closing in order to complete the transaction for your new home. Again, the funds must be brought in the form of a certified or cashier's check. Unless you are told otherwise by the closing agent, the check should be made payable to the closing agency. The remainder of the purchase price amount will be provided by the mortgage loan that you have secured.

Expect to sign a lot of papers! Also, if you are a first time home buyer, the process can be a little more lengthy. The closing agent or attorney will provide you with an explanation of each of the forms you are to sign. However, if you feel that you must read everything you sign in detail, please let us know and we will try to secure copies of the forms that you will see ahead of time for your review.