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- Are you ready for home ownership?
- Deciding on a loan
- Become a preapproved buyer
- How to choose an agent
- Finding your new home
- Making an offer
Closing
You've finally made it. The sellers accepted your bid, the home passed all the necessary inspections and you're ready to “close.” This is when the ownership of the home is actually transferred to you and you receive the key to the front door!
Closing (a.k.a. settlement) usually occurs at the lender's place of business, a title office or an attorney's office. For your convenience, we recommend using Northwest Title & Escrow LLC (NWTE) for your closing. NWTE is a licensed, bonded and full-service title insurance agency providing settlement services for residential and commercial real estate transactions in VA, MD, DC and WV. Plus, NWFCU members receive a $150 discount when you use NWTE to handle the closing of your purchase transaction! Click here to print a $150 settlement discount coupon.
During the closing, you'll sign your final loan documents and submit a cashier's check for your down payment and closing costs. NWFCU will have provided you with a written Good-Faith Estimate (GFE) of all your closing costs within three days of applying for your loan, so you'll have a ballpark figure of how much you'll be expected to pay. Plus, NWFCU closing costs include:
- Credit report*
- Home appraisal*
- Flood determination*
- Title
- Recording fees
- Points (prepaid finance charges tied to the interest rate)
- Escrow services
The closing date is determined at the time you prepare your purchase offer. There are some things to think about when discussing a closing date:
- When does your lease expire? If you're currently renting, you might want to consider scheduling your closing as close to the end of your lease as possible.
- Saving on prepaid interest. The closing date will affect how much cash you have to come up with at closing. For example, if you close in mid-September, you'll have to prepay the interest from the closing date through the end of September. Many closing dates are set as close to the end of the month as possible to save on the amount of interest the buyer must prepay.
*Closing costs due at time of application
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