Closing!

[CS800]

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@DallasLoanGuy wrote:

they will offer you a bottled water and sit accross the table with an endless stack of papers to sign.

funding should happen very quickly after that.

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Funny, that's exactly what happened in my case. They gave me a bottle of water and here I was signing away.

[Anonymous]

Heres a question, I had to pay a full year of Homeowners Insurance, then i am paying into my escrow starting first payment, but on my closing cost statement, it has $600 for pre paid homeowners insurance costs?    Why do i have to pay 3 times for the same thing?

[StartingOver10]

Because you have to pre-pay insurance one year in advance. Then the lender will collect at least 2 months worth of the payment at closing to put into your escrow account so next year when the bill is due (about 60 days in advance) the lender will deduct the next years insurance payment from your escrow and pay another whole year in advance. Insurance is always paid annually in advance.

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@Anonymous wrote:

Heres a question, I had to pay a full year of Homeowners Insurance, then i am paying into my escrow starting first payment, but on my closing cost statement, it has $600 for pre paid homeowners insurance costs?    Why do i have to pay 3 times for the same thing?

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[frogfan12]

Congrats! Expect to sign your life away in exchange for a cashier's check and a set of keys. Definitely one of the best feelings up there with graduating from college and buying a car. Well, those are the only two other major life experiences I've had so far other than buying a home.