- Introduction
- Before the Closing
- Home Inspection
- Sample Closing Costs for Items Paid by Buyer
- The Closing Timetable
- Loan Closing Checklist
- Tax Documentation
This following information is designed to help you navigate the pitfalls that may to occur between the time you submit your mortgage application and the final closing. There is no way to guarantee that your journey will be a smooth one, but at least do your part to make everything easier.
One item you have no control over is the bank's appraisal of the property. The lender needs to know that the property has sufficient value to cover the loan amount. A lender usually will not lend more than 75% to 80% of the value of the property. You have no control over this event, because the lender sends an independent appraiser to tour the premises.
While you're waiting for the lender to complete its evaluation process, there are certain items you should decide and look into:
- If you're buying jointly with someone other than your spouse, decide how title will be held.
- Review the document estimating your closing costs. The estimate could be on the high side, but make sure you have this money ready for closing.
- Do your insurance shopping at this time.
- Have your lawyer order title searches and a survey.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Franklin Mint Federal Credit Union and Mint Wealth Advisors are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Mint Wealth Advisors, and may also be employees of Franklin Mint Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Franklin Mint Federal Credit Union or Mint Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:
| Not NCUA Insuredor Any Other Government Agency | No Credit Union Guarantee | Not Credit Union Deposits | May Lose Value |
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Financial Learning Center content created by TrueBridge, Inc. The information provided is based upon sources and data believed to be accurate and reliable. The content contained herein is intended for information and illustrative purposes only, should not in any way be construed as a personal recommendation, and should be used in conjunction with individual professional advice.
