Frisco TX First Time Home Buyers –  What to expect at the closing table (Part 10)

by Mike Yeo on October 22, 2010

Frisco TX First Time Home Buyers

If you missed the previous articles prior to this:

Part 1 – Your First Steps to Homeownership

Part 2 – Difference between Pre-Qualification and Pre-Approval and how to strategize a better negotiation

Part 3 – What makes up a house payment in Frisco TX

Part 4 – How much funds are needed to buy a house in Frisco TX

Part 5 – Setting yourself for real estate success with tools you need

Part 6 – Should you use a Realtor(R) when buying your first home?

Part 7 – A Real Estate contract is a legally binding contract

Part 8 – Home Inspections and what to expect from it

In this part, you will read about:

Frisco TX First Time Home Buyer Series – What to Expect at the Closing Table (Part 10)

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We have come to the final part of this Frisco TX First time home buyer series. It is the closing day. It is full of excitement.

Prior to this, you should have seen your HUD Financial document paper to see exactly how much you are required to bring to closing. I would also strongly recommend that you ask for the truth-in-lending disclosure if you have not seen it.

Prepare a cashier’s check made payable to the Title company. The correct amount is on your HUD financial settlement paper.

On closing day, remember to bring your identification cards. A driver’s license will be sufficient.

A good title company will explain to you each document you are signing to. Expect to sign alot of documents that day (1 inch thick). This process is called CLOSING.

After both parties (buyers and sellers) sign the documents, the title company will send documents back to lender for final review. Some lenders re-verify employment or credit score before releasing the funds. Hence, do not buy furniture or appliances on credit the weekend before closing. This may cause your credit score and credit ratio to change and differ from loan application and loan approval time. Wait until you close on the property to do that. As the lender releases the funds to the title company, this process is called FUNDING.

You have successfully CLOSED and FUNDED on your home. Essentially, the home is now yours.

Possession of your new home depends on how you negotiated at the beginning. Some sellers do a seller’s temporary lease while some sellers give possession of the property upon closing and funding. It is a negotiation between buyers and sellers.

Last Notes: Prior to closing, remember to have utilities switched in your name on closing date.

Congratulations, you are now a proud owner of your first time home. This also completes our
Frisco TX First Time Home Buyer Series.

Articles in the Frisco Texas First Time Home Buyer series:

Related Articles:

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Contact:
Loreena Yeo
Realtor®/ Broker of 3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.com

Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area communities and other surrounding areas.

Copyright © 2009 by Loreena Yeo (3:16 team REALTY).
Frisco TX First Time Home Buyers – What to expect at the closing table (Part 10).

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