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 prao1
Joined: 22 Oct 2007
Posts: 5
Location: Charlottee
2.63 Dollars($)
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
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Posted: Tue Dec 18, 2007 8:55 am Post subject:
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thank you for the Christmas greeting, Purna. i hope this is helpful.
your purchase agreement should have mentioned a proposed closing date. that, of course, is no guarantee; but should give you some guidance to begin with. as for the overall procedure, you should first be certain that you have submitted all documented requested of you to the lender. that includes the purchase of homeowners' insurance, if applicable; and the evidence of the policy.
you will obviously want to communicate with the closing attorney as to the date on which you wish to close, and it is simply a matter of coordination between all parties to reach a mutually satisfactory date. the attorney is going to have to have time to do title work on the property - search title, render the title package to the lender, etc. that is typically not a strenuous task, so the timing ought to work out beneficially.
the most important factor is your readiness, of course. you didn't indicate if this is a purchase transaction or a refinance, but all purchases have to be conveniently scheduled for the seller of a property as well. as for refinance transactions, it is all pretty much up to you.
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George M. Akerley
Independent Contractor - Mortgage Consultant
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
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brad
Joined: 17 Dec 2007
Posts: 80
Location: Florida
20.67 Dollars($)
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rick
Joined: 04 Feb 2007
Posts: 38
Location: San Jose, CA
17.91 Dollars($)
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Posted: Wed Dec 19, 2007 10:46 am Post subject:
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Hi Puma. From your post, I can't tell if you are the borrower. If you are, your mortgage broker should be able to answer all your questions in great detail. One important consideration is to make sure that if you are indeed the borrower, that you close in time so you don't lose the loan lock. Your lender can explain this to you if you're unsure. Also, if you are the buyer, make sure you have your down payment and closing costs liquid so that you can bring a cashier's check when you sign off.
I'm in California, and we go through a Title Company to close escrow, so maybe it's different where you are - but where I am, all these questions are very easily answered by the escrow officer, or your lender (mortgage broker).
Good luck,
Rick
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lisascherzer
Joined: 04 Jan 2008
Posts: 755
1.12 Dollars($)
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