- home >
- purchase >
- homebuyer's guide >
- step 6 >
- the closing
Before you close
Here are some things you can do ahead of time to ensure a successful closing:
- Fulfill any conditions specified by the underwriter at the time of your loan approval.
- Obtain homeowners insurance. This required insurance protects you against loss or damage due to theft, fire or certain weather-related hazards. In some areas, it may also be necessary to obtain flood insurance.
- Resolve title questions. If your title search turned up other liens on the property, these will need to be resolved before closing can occur.
- Conduct a final walk-through of the home to ensure any agreed-upon repairs have been completed by the seller.
- Review the final estimates of your closing costs.
- Prepare a certified check or money order — not a personal check — to cover your down payment and closing costs.
- Make sure you can meet the conditions of your mortgage commitment.
At the closing
When you close, you'll receive and review some very important documents. If you have any questions about the paperwork, it's important to speak up and ask. Should you spot any potential errors, alert your loan officer. Don't sign your final loan document until any and all issues are resolved and you are confident that you fully understand all aspects of the contract. Here are some documents and items you'll receive or review at your closing:
- A HUD-1 final settlement statement itemizes all funds and costs paid by the buyer and seller either at or prior to closing. If you ask, you have a right to review the HUD-1 a day in advance of closing.
- The Truth-in-lending (TIL) disclosure provides important information about your loan. It includes the APR, finance charge, amount financed, total of payments and payment schedule.
- Your Deed of trust or mortgage states that Chase receives a lien on your property as security for your loan.
- The note is your binding legal agreement to make payments to Chase according to the terms of your mortgage.
- The keys are the symbol of your new home ownership.
Congratulations!
