Mandi Flores Real Estate Team 480-620-1922 Realty One Group
Welcome Buyers
Know what and how you are spending money:
My offer has been accepted...
What Now?
Step 1:
Get Earnest Deposit to Title Company.
Set up home inspection, Termite Inspection, Pool inspection and any other inspections during this inspection period (inspectors can be found on Vendor List) or you are more than welcome to use any inspector of your choice.
Send lender Fully Executed Contract.
UPFRONT OUT OF POCKET COSTS:
1. Earnest Deposit
2. Appraisial Fee
3. Home Inspection & Termite Inspection and any other Inspections you may want completed.
Step 2 - Inspections Completed:
Buyer Inspection Notice Seller Response must be completed with any repairs being requested.
Sellers will respond with any repairs agreed or disagreed on.
Continue working with lender to get all documents to lender within same day.
Step 3
Lender should be midway through loan process by now and working on conditions and submitting to final underwriting.
Please keep in close contact with your lender during this entire process
Step 4
Final pre-closing walk through once all repairs have been made. This usually happens within the last 3-days before closing.
Step 5
After all steps are completed and signing day arrives you will be contacted by Title company to come in to sign documents. After all parties have signed the loan will get funded and sent for recording. Once recorded the HOME IS YOURS!!! Happy Closing Day and Congratulations on your new home!
Closing Costs VS Down Payment
What is the difference?
CLOSING COSTS are fees associated with the cost of obtaining a home loan and escrow services when closing on a home mortgage. These fees include items such as the appraisal, lender origination fees, escrow handling charges, wire transfer fees, discount points, lender's title insurance and prepaid taxes and insurance premiums. The amount of closing costs may come as a shock to inexperienced borrowers, and many times may total up to 3 percent of the purchase price.
DOWN PAYMENT for a home is applied directly toward lowering your total balance of the loan amount and is not to be confused with settlement or closing costs. Normally based on a percentage of the total sales price, the amount is typically established early in the loan application process with your lender. While down payment amounts can vary from 0% on a VA loan or 3.5% for an FHA loan to upward of 20% for certain conventional loans, normally the source of the money must be verified and approved by the lender.
Closing/Cost Settlement Sheet
Your escrow agent from title will prepare what is called a Closing/Cost Settlement Sheet, a required form created by your Lender and Title company. This form lists all the debits and credits for both the buyer and seller of the real estate settlement. Your down payment and an itemized list of closing costs and related settlement charges are clearly detailed on the form so that each charge or required fee is easy to understand. Check your Closing Settlement Sheet carefully to ensure its accuracy.
Final Amount Owed
Both the down payment amount and closing costs are required at the same time, at the closing table and lumped together into one large payment. The settlement sheet, after any credits such as the earnest money deposit or seller contributions are tallied, has a final amount owed by you, the buyer. This amount also includes all settlement charges, the required down payment and any miscellaneous and prorated fees.