Closing on a House

Anyone know what happens once both parties are under contract for a house? We want to lock in our mortgage rate asap. So now we need the lawyer's to review but then what?

What do we need to bring with us at the time of closing?

at the closing dont forget to bring your license, they'll want to make a copy of it.

Hmmm let me see, other than that i dont think i brought anything else...my lawyer had everything else i needed and cut the checks that were needed. Basically all i had to do was go and sign paper after paper after paper, just be prepared to sign alot lol...other than that you have their side your side, the lawyers, broker, bank representative or whatever it was all talk to eachother, exchange the papers amongst eachother.

Actually i needed to bring a check i think it was for my lawyers payment i forgot but just ask your lawyer he'll let you know

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Posted by msabla1

Do they ask for your pay stubs? We were already approved but then now I am working less hours until next season so paycheck is not as high as it was when we were approved. At this point, would that matter?

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the pay stubs come before when you are trying to get approved for a mortgage...they havent asked you for any of this yet? usually they ask for about 2-4 paystubs, w-2 forms. But like i said they ask for all that when you first go to a broker and want to get approved, you wont need it the day of the closing, they'll have copies of it in your file

It was a while ago so I might have given the w2 and or pay stubs to my husband & I just don't remember LOL. too much on my mind

So then we're past that point& just trying to lock in a rate.

You had the engineer inspection and termite inspection already?

As soon as you sign the contract, you have to go out and get the mortgage. I would go sit down with a bank or mortgage broker ASAP (usually per the contract you have 30-45 days to get a mortgage from the date the contract was fully executed. If god forbid you can't get a mortgage, you just have to show that you made a good faith effort to get one). When you sit down with the bank, you can pay a fee (mine was $1250) to lock in the mortgage at the current interest rate. You can also buy points to lower the interest rate, if you want. At my bank, each point was $2500 and each point lowered the interest rate by .25%.

After you are approved for the mortgage, you have to get your home insurance set up so that it becomes effective the date of the closing. You generally have to pay for a full year of home insurance at or before the closing.

For my closing, I needed my license and a certified check. I also had to bring my check book and write out two checks (one to the title insurance company and one to the title insurance woman who was at the closing). I also needed to give the bank's attorney the original home insurance binder, which indicates that you paid for a full year.

Every bank probably does the process a little differently, but that's the basic gist of it. Best of luck!!!

Yes we had the inspection. We are just waiting for the seller's to sign & then get that contract to our lawyer's for review. Then we'll lock in our rate.

don't forget to rest your hand...so many signatures!!!!

Yay congrats

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Posted by tstaa1vw

don't forget to rest your hand...so many signatures!!!!

Yay congrats

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amen to that

You don't really need to bring anything other than some form of picture id (license, passport, etc.).

Once you are in contract and start the whole process, your lawyer should take care of gathering everything that you need on his end. When you begin the mortgage process, they will ask you for A LOT of documents (pay stubs, 401K statements, last 3 bank statements, etc.). Between your mortgage guy and lawyer, there will be nothing left for you to do or bring to the closing.

Congratulations! Closing on your first home is the BEST feeling in the world!