Hi all, If all goes well, I will close on a lovely townhome on this Friday at 10AM. I have a 100% LTV 30 year conventional , no PMI, no discount points, fixed at 6.5%. Origination fee of .625% and total estimated closing costs of $2965. My contribution toward closing is $400. No reserves required but I will have 2 months of mortgage payments (PITI) at closing saved in the bank. I financed the majority of the closing costs (sans the $400) and still came in $4500 below equity. The home is in perfect condition, was a showcase home with the largest realty company in the city, with the home inspector telling me that it's repair list was the shortest he had ever done (there was only one repair needed). This home was well taken care of. My middle credit score was 699. I could NOT have done this without all of you old timers. Marie, Saar, Breeze, LKH, Roni, Sam, Randy, Dogman, Lizardking, mj, keepmine, GEORGE, Ron, Steve, ALL of you who posted your credit repair efforts, trick FICO efforts, and credit card negotiation skills. I am glad to be in such company. Special thanks to Marie and Saar, both of whom taught us well how to maximize the accounts we had. I have had fun competing with you guys for the best credit card terms and, yes, I'm still chasing that masked Great Redeemer... Anyway, my question.... I called my real estate attorney's office to ask for an advance copy of the HUD-1 settlement statement, so that I could double check the figures and GFE agreements. They told me that they'd be glad to give me a copy of that (obviously, it's the law, lol!) but that they would NOT give me copies of the documents that I will actually sign at closing. I hear that it takes about 45 minutes to sign them. So what exactly am I signing, for people who have done this before? What should I look out for on closing day? Thanks,
Just make sure not to sign anything that says they will repossess your youngest child in case of delinquency.
Sorry, couldn't resist. They thing that held us up the longest was the fact that DH signs his name first middle last, and the papers said first and last. They had to reprint everything. I would definitely doublecheck that all papers are printed exactly as you are going to sign your name.
WE closed today and there was a stack of papers what looked like the size of a novel thick but we did FHA and I guess there is a lot more paperwork Good luck with the closing Marci. You and I were talking all about buying a home and how scared we were in late november about going to the broker and trying to do it WE move in our beautiful new home on Friday. See separate post and I have pictures of it from our final walkthrough a week ago.
Congrats on the new abode! SOunds like you did it right and got a sweet deal. Both of our closings took about 30 minutes. You'll sign all sorts of disclosures that you undestand the terms of the mortgage and the escrow account and you've received all of the documents the TILA and any other credit, finance and, housing law says you must be provided with. The bottom line to all of them is. if you don't pay, you don't stay. Again, nice work!
UGh, I meant we closed yesterday morning, not today, lol. I just woke up from the weirdest dreams in history all about my high school years, and the door and phone ringing off the hook, lol. So my brain is a bit fried right now. LOL
As was the case with Melissa, my loan was through FHA. It was also in the state of Maryland, and it was done on-line, so some of these might not apply to you: U.S. Department of Housing and Urban Development Settlement Statement; Uniform Residential Loan Application; Termite inspection; Deed of Trust; Something titled, simply, "Note," which outlines the fact that I owe money; W-9; State of Maryland Compliance Agreement; Mortgage Loan Certification for IRS Form 1098; Request for Copy or Transcript of Tax Form; HUD/VA Addendum to Uniform Residential Loan Application; Direct Endorsement Approval for HUD/FHA-Insured Mortgage; Addedndum to HUD-1 Settlement Statement; Correction Agreement Limited Power of Attorney; No HUD Warranty; Notice to Borrower About Optional Annual Payment of Property Taxes; Authorization to Waive FHA Homebuyer Summary 5-Day Notification Period; If, by this time, your hand hasn't been reduced to a gnarled fist from carpal tunnel syndrome, then you've done pretty well. Congrats on the townhouse! wajaba
lol, jlynn! No kids, but I may negotiate to let them reposess my ornery cat. Wonder if they'll bite... Thanks, keepmine. I am so thrilled about the financing terms. Even though the 6.5% is a full percentage point above market, for what I am asking in terms of complete risk on the part of the bank (no PMI, no 80/20), I think I'm getting a great deal. If anybody is interested, check out Amsouth Bank's "30 year affordable housing" program. Wajaba, Thanks. That's the breakdown I was looking for. I think I already signed the income tax form. ARBITRATION - Does anyone know if there is an arbitration clause in the closing docs? Thanks,
