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What to bring to the closing for your new home

The day you close on your home might be referred to as "settlement day" or when you "close on escrow." No matter what you call it, it's the day in which the buyer and seller meet at the table to officially sign over the rights to the property from one owner to another.

If you're going to have a mortgage on the home, then you should look to review the HUD-1 statement, commonly known as a closing disclosure, prior to your closing day. In reviewing it, you should make sure you fully understand the terms and conditions of your loan to include how much in monthly payments you should expect to pay and over what course of time.You should also check on the interest rate and closing costs that you'll be expected to pay. As for the interest rate, you should make sure that it coincides with what your lender initially promised you. Your closing costs should be no more than seven percent of your home's sale price. Under federal law, your lender is required to provide this documentation no fewer than three day prior to your home's closing.In preparation for the closing, you'll want to gather together a number of documents. These include a copy of your homeowners insurance, the original sales contract for the home, as well as home inspection or mortgage loan documentation.

You should also look to bring your state driver's license or passport as well as any name change documents. If you've just gotten married, you may also wish to bring your marriage certificate as the title for the home will be listed in your legal name.At the closing, you'll also need to bring your down payment. Since the amount you'll be assessed is fairly large, you'll need to touch base with the closing attorney to find out whether you should do a wire transfer or bring a cashier's check. Although this payment cannot be paid via personal check, you should still bring your checkbook with you in case smaller, nominal fees arise that need to be paid as well.Closing on your home, especially if you are a first time homeowner, can be overwhelming. An experienced Melbourne, Florida, real estate attorney can guide you through this complex process.

Source: Realtor, "The closing process: What home buyers can expect on the big day," Margaret Heidenry, accessed July 11, 2017

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