Have you ever taken a two hour final exam that seemed never ending? Buying a house is like taking the course in school, which is a lot of hard work. The Closing on the house is like finishing the course with the final exam. What can you expect when you get there other than writer's cramp?
What exactly is a closing? The closing is the end of the long and strenuous process of buying a house. It refers to the day you close the deal on a piece of real estate and on the Mortgage to buy that real estate. Basically it's the final transfer of money and keys. When you walk out of the agent's office, you own a new home.
In today’s society, just like every mother has a labor story, it seems like every home owner has an awful story about their closing. Anxiety and drama follow the mystery of the closing for most first time home buyers who have heard these stories. It is essential, however, to know what to expect because Closing Costs can add thousands of dollars to the cost of the home. You should know that lenders are legally required by RESPA (Real Estate Procedures Act) to disclose information to potential customers throughout the mortgage process. Lending institutions must fully inform borrowers about all closing costs, Lender Servicing and Escrow account practices, and business relationships between closing services providers and other parties to the transaction.
At this point, the most important piece of advice is to get a good night's sleep before the closing. It's an exciting and stressful time during which a lot of legal and financial information will be thrown at you. It is not a good idea to attempt to move on the day of the closing because it causes double the anxiety, workload and chance of error. So make sure you get plenty of rest.
