Maryville Tennessee Closing Tips
Crossland Title Inc. is a Knoxville title agency providing full-service real estate title solutions. Crossland Title Inc. makes your closing seem effortless.
With more than 36 years of experience in the real estate and title business, owners Pam Rice and Beth Crox have built their reputations upon the virtues of personal service and integrity. They believe that reputation as an honest and reliable business is the recipe for success.
Tips for Closing Day
Review your closing disclosure
If you’re getting a loan, one of the best ways to prepare is to thoroughly review your closing disclosure. It is also known as a HUD-1 settlement statement.
This official document outlines your exact mortgage payments and the loan’s terms (e.g., the interest rate and duration). Also, additional fees you’ll pay, called closing costs (which account for anywhere from 2% to 7% of your home’s price).
You’ll want to compare your closing disclosure to the loan estimate your lender gave you at the outset. If you spot any discrepancies, ask your lender to explain them.
Get final mortgage approval
You’ve made that down payment, but before you can go to the closing table, your home loan must go through the underwriting process. Underwriters are like real estate detective. It’s their job to make sure you’ve represented yourself and your finances truthfully. Also, that you haven’t made any false or misleading claims on your loan application.
The underwriter—employed by your mortgage company—will check your credit score. Also, review your home appraisal, and ensure that your financial portfolio has remained the same since you were pre-approved for the loan.
Since underwriting happens shortly before closing, you don’t want to do anything while you’re in contract that’s going to hurt your credit score. That includes making a down payment on a car, boat, or similar large purchase that you need to finance.