Close the deal. About two days before the actual closing, you will receive a final HUD Settlement Statement from your lender that lists all the charges you can expect to pay at closing. Review it carefully. It will include things like the cost of title insurance that protects you and the lender from any claims someone may make regarding ownership of your property.
The cost of title insurance varies greatly from state to state but usually comes in at less than 1% of the home’s price. The lender might also require you to establish an escrow account, which it can tap if you fall behind on your mortgage or property tax payments. Lenders can require deposits of up to two months’ worth of payments. The actual closing is often somewhat anticlimactic. It’s a ritual affair, with customs that differ by region. Your Realtor can brief you on the particulars.
To all the buyers and sellers requiring more information or for the assistance and guidance of an experienced Realtor, please contact John Miller.
John Miller – Broker
J Miller Realty & Associates
The Realtor Experience
919-264-4364
jtm.garealtor@gmail.com