What Do I Get At Closing?

 

What do I get at closing?

For most real estate loans, you will receive a HUD-1 (if it is a cash transaction) also known as a settlement statement …

or, if you are borrowing money, a Closing Disclosure will be provided to you at least 3 business days before loan consummation –  Consumation of closing includes signing and funding the purchase, which frequently happens at the closing meeting.

At the meeting itself you should also receive:

1.)  a copy of your Mortgage Note – your obligation to repay-

2.)  your Mortgage or Deed of Trust

3.) copies of other documents signed by you, and by the other party, as is appropriate

4.)  and you will get the keys to your new home.

What Do I Get At Closing?

What Do I Get At Closing?

You asked, “What do I get at closing?” … but the real question is “what will you not get at closing if you use another title company which does not have the reputation for integrity and professionalism that we do?”

Will you get a caring, friendly, and thorough closing experience which explains every step in your transactions? will you get value pricing, and professional title agents, attorneys, and closers with years of experience?

Indeed, when it comes to choosing a title company in Naples, Florida, for over four decades, real estate professionals recommend First Title & Abstract, Inc.

Let us show you why our commitment to putting you FIRST makes all the difference when you close on real estate.

How Much Mortgage Can I Afford? Marco Island – Naples

 

“How Much Mortgage Can I Afford?”

Determining how much mortgage you can qualify for is an important determination when beginning the process of shopping for a new home or property.

As you’ll see in the video, the lenders consider your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses.

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We Can Refer You to a Mortgage Professional to Assist You!

Non-housing expenses include such long-term debts as car or student loan payments, alimony, or child support.

According to the FHA, monthly mortgage payments should be no more than 29% of gross income, while the mortgage payment, combined with non-housing expenses, should total no more than 41% of income.

Lenders also consider cash available for down payment and closing costs credit history and the rest of your financial picture when determining your maximum loan amount.

Interest rates, and the type of loan (30 year, 15 year, 7 year ARM, etc.) can affect your monthly payment, and therefore your debt to income ratio.

Also, having sufficient savings and reserves, and paying off consumer debt prior to buying a home are all good strategies to enhance the prospects of being approved for the best possible mortgage.

At First Title & Abstract, Inc., our staff in the Marco Island and Naples offices can assist you in finding a qualified mortgage professional in your area to help you begin the process of qualifying for a mortgage.

Knowing what you can afford is smart!

Please don’t hesitate to contact us for a referral to help you begin the process!