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Home Closing Process
As you get ready to seal the deal on buying a home, you will go through a closing process that even to an existing homeowner can be daunting. You will find this process includes tremendous paperwork, tracking down information, and a very busy time. To help you through this trying part of home buying or refinancing, understanding the closing process can be beneficial.

You will be required to pay closing costs, which includes things like settlement costs, credit check, attorney fees, title search, and so on. The amount you pay for closing will depend on what is considered the norm for your particular geographical area. For example, closing costs vary from state to state. When it comes to title insurance, in some areas, this is the responsibility of both buyer and seller while in other areas, it is only the responsibility of the seller. To get specific information, you can contact a real estate attorney or a title company in your area.

Something important you can do for yourself is that before you even apply for the loan you might determine if the application fee will be refunded if you are denied. Additionally, you should make sure "junk fees," which would include document processing, is waived. Most people are not aware that closing feels such as points, appraisal, and even legal fees can be negotiated. These figures are a general cost so there is some flexibility. Think of it this way, all they can do is say, "No." If you are buying a home from a seller that owned the house for a long time, you should ask the lender if he or she would use an updated version of the previous property survey. This simple request could save you 50% or even higher off the title search.

If possible, avoid the mortgage life insurance. The reason is that you can secure far better rates through an independent company. Additionally, you will not be paying interest through the mortgagor. Remember that the mortgagor is not always the beneficiary, which would be the case with mortgage insurance. You should also make sure your insurance benefits are greater than your mortgagor should something disastrous happen.

Once all of the searches and confirmations are complete, and the insurance in line, a closing date will be set. When you arrive, you will meet with the lending company and your real estate agent. Plan on your closing to take a minimum of an hour as you will have a good size pile of paper to sign. Any questions will be answered and you will hand over a check for the closing costs. Once the exchange of money and signing of paperwork is completed, you are now an official homeowner!

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