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Around the Web: What to Know Before Closing on Your New Home

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Buying a home can be stressful and exciting. From getting pre-approved by your lender to closing on your new home, it can be difficult to know what to expect if you aren’t familiar with the entire process. This article helps clarify the home buying process and helps prepare you for what you can expect. 

How long does the process take?

From the time you submit your mortgage application to the time you sign the dotted line, it can take about 30-45 days. Lenders now are able to gather your data, documents, and signatures electronically, allowing the process to move more quickly. 

What happens at the closing?

You will carefully review and sign all of the various legal documents that will ultimately issue your mortgage and transfer the ownership of property to you. You will need to bring your driver’s license, or other form of identification, your closing disclosure, and a cashier’s check or wire transfer receipt for the funds you owe. There may be other items you’ll need to bring with you, so check with your closing attorney prior to the meeting. 

What fees will I owe at closing?

There are a number of payments you will be expected to make at closing. From the lender origination fee, a prorated portion of property taxes, interest that will accrue before your first payment, and a few others. 

If you would like to know more about the home buying process, contact Rhodes Law Firm. We proudly offer real estate closings as one of our services, and we would love to answer any questions you may have. 

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