In our last piece, we talked broadly about the process of closing on a home and what that entails, however we realize that doesn’t necessarily cover every little detail. To cover every corner of closing knowledge, we have created a list of some commonly asked closing questions and their answers. This list is not exhaustive; if you have got additional questions, let us know!
What is included in the closing costs?
Closing costs typically include fees associated with the home-buying process, such as appraisal fees, title insurance, lender fees, and escrow fees. The exact costs can vary depending on the location of the property and the terms of the purchase agreement.
How much should I expect to pay in closing costs?
Closing costs can range from 2% to 5% of the purchase price of the home. However, the exact amount will depend on a variety of factors, including the location of the property, the type of loan you are using, and the specific terms of the purchase agreement.
How long does the closing process take?
The closing process can typically take between 30 and 90 days. However, the exact timeline can vary depending on a variety of factors, such as the complexity of the transaction and any issues that may arise during the title search or rest of the closing process.
What documents will I need to bring to closing?
You will need to bring a government-issued ID, proof of homeowners insurance, and a cashier's check or wire transfer for any remaining down payment and closing costs.
What happens at closing?
At closing, you will sign the necessary paperwork with us to complete the purchase of your home, including the mortgage documents and the deed to the property. You will also pay any remaining down payment and closing costs for your new home. Once everything is signed and paid for, the keys to your new home will be handed to you!