I've applied for a mortgage.
What else do I need to do before I move into my new home?
Contact a settlement company/closing attorney to do a
title search and handle the closing. Line up your homeowners insurance and be
prepared to pay the annual premium at closing.
What documents will I need to
give the lender before closing a loan?
Fully ratified and executed sales contract on
purchase loans.
A termite report for the house.
Homeowners insurance policy properly listing the
lender in the Mortgage Clause.
Any outstanding items requested by the lender.
What's included in closing costs
Closing costs can be divided into three categories:
Lender fees (points, appraisal, credit report,
underwriting, settlement and tax service fee) .
Prepaids (interim interest, real estate taxes and
escrow, insurance premiums and escrow) .
Settlement costs (title insurance,
settlement/attorney fees, city/county/state taxes, recordation and messenger
fees).
Help! I have to close quickly.
How can I speed up the loan approval process?
Give the lender your last two years complete tax returns
with all attachments and accompanying W2s; your last three pay stubs; your last
3 bank statements; name, address and account numbers for all debts; copy of car
title if car is less than 5 years old; complete copy of executed contract for a
purchase transaction.
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