We pour billions and billions of dollars into home improvements each year, but will we ever see a return on our costly investments? According to the Remodeling magazine’s annual Cost vs. Value Report, we find that the majority of these expensive projects yield very few returns. Our team of Houston mortgage experts knows that several factors dictate the amount of profits made on home renovations. Below you will find a list of guidelines that will help you determine what home improvements will generate the most profit.
Oklahoma Mortgage (405) 586-0382 local Visit Oklahoma Mortgage Online: Nationwide Lender (800) 659-6732 toll-free www.OklahomaMortgageBank.com Oklahoma Mortgage Bank’s Ten Steps to Home Ownership Series Step 9: Close the Loan If you go to any local courthouse you will find the property records for all the real estate ownership in your community. Sometimes the records can go as far back as a hundred years or more. Why are these records important? They are essential for today’s homeowners because they provide them with proof that the property they are selling has a good, marketable, and insurable title. Just as important, these records allow buyers to supply proof of ownership if or when they decide to sell. According to our Oklahoma mortgage experts, the closing process, which is also referred to as “settlement” or “escrow” depending on which part of the country you are in, is becoming more and more computerized and automated these days. A lot of the time, buyers and sellers do not even need to appear at a specific event. Often, the signed paperwork can be sent to the closing agent using overnight delivery. The usual closing procedure brings together several parties who are part of the “transaction” process. For instance, the history of property ownership has already been checked but there is a possibility the records have errors or that there are unrecorded flaws or claims in the actual review. Thus, it is necessary to have title insurance. At the time of closing, it is required that all transfer taxes be paid and all other claims be settled (such as legal fees, closing costs, and adjust- ments). For the majority of transactions, the paperwork needed to record the loan is completed by the closing agent. Page 1 Oklahoma Mortgage (405) 586-0382 local Visit Oklahoma Mortgage Online: Nationwide Lender (800) 659-6732 toll-free www.OklahomaMortgageBank.com Page 2 - Oklahoma Mortgage Bank’s Ten Steps to Home Ownership Series What you need to expect: Settlement is a fairly quick process. It is where all of the required documentation for completion of the transaction is signed. Typically, closing takes place in an office setting. Sometimes both the buyer and the seller are together at the same table or other times they are assigned to separate areas to complete their paperwork. In both instances the aftermath is that the title to the property is signed over from the seller to the buyer. Once completed, the buyer will receive keys to the property and the seller will receive the pay- ment for the home. In order to pay off the existing mortgage and additional transaction costs, the closing agent will subtract money from the amount credited to the seller. Also, loan documents, deeds, and other paperwork are prepared, signed, and filed with the community property record offices. What you should do: One of the best aspects of settlement is that buyers and sellers do not need to do very much. Before the loan closes, buyers usually have one final opportunity to walk around and observe the property to ensure that the conditions have not changed since the sale agreement was signed. At the actual closing, all the necessary paperwork has already been prepared by title companies, closing agents, lawyers, and lenders. These documentations are a reflection of the sale agreement and also allow all parties involved to verify their share. For example, the loan is recorded in pub- lic records for the lender, buyers obtain the title to the home, and state governments acquire their transfer taxes from the property. This article was brought to you by Oklahoma Mortgage Bank. Oklahoma Mortgage Bank offers a wide array of mortgage programs to eligible borrowers nationwide. If you or someone you know has questions about home financing in Oklahoma or nationwide, contact our Oklahoma mortgage team: (405) 586-0382 or (800) 659-6732. Page 2 www.OklahomaMortgageBank.com
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