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Finding a home
for your family is an important step in everyone’s life.
Finding a home for your career is just as important.
Everyone from the
Mortgage Originator Magazine to the Dallas Business Journal
has been saying great things about PrimeLending. Now, read
what great things our clients have to say.
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Finding the
best option that is most suited to your financial goals is the
highest priority at PrimeLending.
When you are a leader in the industry, things are always changing. Find out what
PrimeLending is doing to stay the Number One Residential Mortgage Lender in the
Metroplex. |
Understanding the
Purchase Contract
The Closing
The closing is the final
step to buying a home. The meeting generally takes about an hour and is held
at the title company office as specified on your contract.
To obtain a final listing of the costs of the mortgage
transaction, you should request a HUD-1 Settlement Statement from your title
agent at the title company.
The HUD-1 Settlement
Statement is a final listing of the costs of the mortgage transaction. It
provides the sales price, down payment, and the total settlement costs
required from the buyer and seller.
Important note:
To cover the closing
costs and the balance of funds due, you must use a certified check or
cashier’s check made out to the title company or a wire transfer.
The closing agent will
receive a check from the lender that covers the mortgage. If your annual
homeowner insurance and property taxes are included in your mortgage payment,
your lender will set up an escrow account. This escrow account is is
similar to a bank
account in which the lender holds your money until it is time to pay the real
estate taxes and insurance. After you sign the documents, the title agent
officially will record the mortgage and deed at your local government's
recording clerk office. The title agent will also distribute the required
funds to the other parties, such as the seller of the home, the real estate
agents, the lender and the homeowner insurance company.
It is important to to review
the payment letter in your closing documents that tell you where your first payment should be sent.
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