Purchase Course Tutorial
Starting with YOU and ending with YOUR HOME follow the path to your closing by simply clicking on the processes and fees you want to learn about.
mySelf
myClosingSPACE
My Realtor
My Attorney
My Lender
My Home
my HOME
The Process
The Fees
Bring Picture ID
Total Purchase Price
Bring Good Funds
Total Loan Amount
Sign Documents
Total Estimated Closing Costs
Exchange Funds
Closing Escrows & Prepaids
Property Taxes
Homeowners Insurance
My Bring-to-the-Closing Table Number
The Process
Bring Picture ID
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Anyone directly involved in the real estate transaction; buyer, seller or borrower will be required to show valid picture ID for the closing to take place. This is done to help prevent fraudulent transactions from taking place.
Bring Good Funds
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The funds required at the closing need to be in "Good Funds." A personal check will not be accepted at a real estate closing. The most common methods are to bring certified funds or to have the funds wired to a trust account at the place of closing.
Sign Documents
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At the closing there will many documents to sign. Among these will be the mortgage, note and other documents to be recorded; disclosures from the lender and legally required disclosures. There will be at least one duplicate package of all the documents to sign. The buyer/ borrower should receive a duplicate documents package. At myClosingSPACE.com these documents are available for you to securely view online at anytime.
Exchange Funds
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At the conclusion of the closing after all the documents are signed, the final calculations will be made and the funds exchanged. Don't forget to get the keys to your new home!
The Fees
This section is designed to assist with the calculation of the financial terms of the closing as well as the funds that may be due at the closing table.
Total Purchase Price
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This is the total purchase price of the new property including any deposits and down payments made prior to the closing.
Total Loan Amount
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This is the total loan amount of the real estate transaction including any fees that may be rolled into the new loan. It may also be referred to as the "face value" of the new mortgage.
Total Estimated Closing Costs
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This is a total of all estimated closing costs listed above - (Title Insurance, Settlement Services, Transaction Taxes, Recording Fees, Realtor and Attorney Fees). Since closing costs are often included in the loan amount this amount may not be the dollar amount to be brought to closing.
Closing Escrows & Prepaids
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These are funds that are collected by a lender to establish the escrow account (held by a third party on behalf of a party or parties to a transaction) for the new loan. This is done to allow for timely payment of certain taxes and insurance that may be due for the current period or before the escrow account can be sufficiently funded by the regular loan payments.
Property Taxes
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Real Estate taxes are generally due at fixed periods throughout the year. In order to establish the escrow account for the new loan with sufficient funds to make the current or next period’s payment, the lender will collect an average of 3-6 months property taxes at the closing.
Homeowners Insurance
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The Homeowner’s insurance premium is often paid through the escrow account of the new loan. In order to establish the escrow account for the new loan with sufficient funds to pay the homeowner’s insurance premium when it comes due, the lender will collect an average of 3-6 months homeowner’s insurance premium at the closing.
My Bring-to-the-Closing Table Number
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The customer service representative at myClosingSPACE.com will provide a preliminary copy of the settlement statement, discuss the exact figures and how much is required to be brought to the closing.
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