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Houston Mortgage First-Time Homebuyer - FAQ Part 9

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					                                      Call Today: (800) 704-5432 or (281) 305-9375
           TEXAS
           Financial Services
                                      Click Here to Apply For Your Houston Mortgage

                                                                                              H O U S T O N F H A & U S D A M O RT G A G E C O N V E N T I O N A L M O RT G A G E
                                      W W W. H O U S TO N M O R T G A G E T E X A S . C O M   M O RT G A G E H O U S T O N VA M O RT G A G E 1 S T- T I M E H O M E B U Y E R S




Houston Mortgage First-Time Homebuyer: Frequently Asked Questions (FAQ) Series


Part 9: Closing on Your New Home

Once you have found the perfect home and you have settled on a
price, it is time for you to make it official by closing on the home.
By getting answers to these Frequently Asked Questions (FAQs)
about closing, you will be better prepared for this final step in the
purchase process.


What happens after I apply for a
mortgage loan?

After you apply for a mortgage loan, it will take anywhere from one
to six weeks for the lender to complete the evaluation of your
application. During this time, don’t be surprised if the lender
contacts you and asks for more information. If more information is
requested, be sure to supply it as quickly as possible. Otherwise, it
may take even longer for your application to be processed.

Once all of your information has been verified by the lender, the lender will call you to let you know wheth-
er or not you have been approved. If your loan has been approved, a closing date will be set up and the
lender will review the details of the closing with you. You will have the opportunity to conduct a final walk-
through before closing, after which you will be able to move into your new home.


What should I do during the final walk-through?

If the homeowner still occupied the home while it was still on the market, the final walkthrough may pro-
vide you with your first opportunity to view the house without any furniture or other items. As such, you
will get a clear view of everything in the house. Be sure to check the walls and ceiling carefully

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                                                                                                                                                       PAGE
                                     Call Today: (800) 704-5432 or (281) 305-9375
           TEXAS
           Financial Services
                                     Click Here to Apply For Your Houston Mortgage

                                                                                             H O U S T O N F H A & U S D A M O RT G A G E C O N V E N T I O N A L M O RT G A G E
                                     W W W. H O U S TO N M O R T G A G E T E X A S . C O M   M O RT G A G E H O U S T O N VA M O RT G A G E 1 S T- T I M E H O M E B U Y E R S




Houston Mortgage First-Time Homebuyer: Frequently Asked Questions (FAQ) Series


during the final walkthrough. You should also check on any work that the seller agreed to complete prior to
closing. If you find any problems during the final walk-through, be sure to address them prior to closing.


What is included in the closing cost?

While there are some unique factors that may affect your closing cost, factors that are typically included in
the calculation of closing costs include:

•	     Escrow	fees

•	     Attorney’s	fees	for	you	and	your	lender,	if	applicable

•	     Interest	fees	from	the	date	of	closing	to	30	days	before	your	first	monthly	payment

•	     Loan	Origination	fees,	which	includes	administrative	costs

•	     Recording	fees

•	     Survey	fees

•	     Loan	discount	points

•	     Title	insurance	for	yourself	and	the	lender

•	     Documentation	preparation	fees

•	     First	payment	toward	the	escrow	account	for	real	estate	taxes	and	insurance

•	     First	month’s	premium	on	mortgage	insurance,	if	applicable

                                                                                                                                                    {2}
                                                                                                                                                      PAGE
                                     Call Today: (800) 704-5432 or (281) 305-9375
           TEXAS
           Financial Services
                                     Click Here to Apply For Your Houston Mortgage

                                                                                             H O U S T O N F H A & U S D A M O RT G A G E C O N V E N T I O N A L M O RT G A G E
                                     W W W. H O U S TO N M O R T G A G E T E X A S . C O M   M O RT G A G E H O U S T O N VA M O RT G A G E 1 S T- T I M E H O M E B U Y E R S




Houston Mortgage First-Time Homebuyer: Frequently Asked Questions (FAQ) Series


You will also need to bring a paid receipt for your homeowner’s insurance policy when you go to your closing.


What can I expect to happen at the closing?

When you go to the closing, you will be asked to present either your paid homeowner’s insurance policy or
the	binder	and	receipt	showing	that	you	have	paid	your	premium.	The	seller,	on	the	other	hand,	will	provide	
proof of inspection, warranties and other pertinent information.

After reviewing the documents that you and the seller have brought to the table, the closing agent will pres-
ent you with an itemized list that shows how much you owe to the seller and how much the seller owes you.
Expenses that you owe may include things such as the remainder of the down payment and prepaid taxes,
while money the seller owed you may include things such as unpaid taxes and prepaid rent.

Once all of the necessary documentation has been reviewed and you feel comfortable with it, you will sign
the mortgage agreement. By signing the agreement, you agree that the lender is entitled to sell your property
and to apply the sale price against the amount that you still owe on the loan if you fail to make payments as
agreed upon. You will also sign a mortgage note at the closing, which is a document promising to repay the
loan.

After you have paid the closing costs and signed all of the necessary documentation, the seller will give you
the	title	to	the	house	and	the	deed	and	mortgage	will	be	recorded	in	the	state	Registry	of	Deeds	showing	you	
as	the	owner.	The	lender	will	also	provide	you	with	a	settlement	statement,	which	will	list	all	of	the	items	
you have paid.


What items will I receive at the closing?

After you have signed all of the necessary paperwork, you will get many documents to take to your new
home	with	you.	Some	of	the	documents	you	will	receive	at	closing	include:

                                                                                                                                                    {3}
                                                                                                                                                      PAGE
                                    Call Today: (800) 704-5432 or (281) 305-9375
           TEXAS
           Financial Services
                                    Click Here to Apply For Your Houston Mortgage

                                                                                            H O U S T O N F H A & U S D A M O RT G A G E C O N V E N T I O N A L M O RT G A G E
                                    W W W. H O U S TO N M O R T G A G E T E X A S . C O M   M O RT G A G E H O U S T O N VA M O RT G A G E 1 S T- T I M E H O M E B U Y E R S




Houston Mortgage First-Time Homebuyer: Frequently Asked Questions (FAQ) Series


•	     Settlement	statement,	which	itemizes	the	services	provided	to	you	as	well	as	the	fees	charged

•	     Truth-in-Lending	Statement

•	     Mortgage	Note

•	     Mortgage	or	Deed	of	Trust

•	     Binding	Sales	Contract

Of course, you will also receive the keys to your new home! At long last, the home is all yours!




                      Call	today:	(800)	704-5432	or	(281)	305-9375	or	visit	us	online:	
                                  http://www.HoustonMortgageTexas.com




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DOCUMENT INFO
Description: Houston Mortgage First-Time Homebuyer - Frequently Asked Questions (FAQ) - Part 9 - Once you have found the perfect home and you have settled on a price, it is time for you to make it official by closing on the home. By getting answers to these Frequently Asked Questions (FAQs) about closing, you will be better prepared for this final step in the purchase process.