NMLS ID # 1005344
Assistant is Cheyenne Vesely
Kim Lynch Mortgage Consultant
890 W Elliot, #109 , Gilbert, AZ 85233
NMLS: #655407 State License: AZ-919827 CA-DOC655407
Final Amount Owed
Both the down payment amount and closing costs are required at the same time, at the closing table and lumped together into one large payment. The settlement sheet, after any credits such as the earnest money deposit or seller contributions are tallied, has a final amount owed by you, the buyer. This amount also includes all settlement charges, the required down payment and any miscellaneous and prorated fees.
Closing Settlement Sheet
Your escrow agent will prepare what is called a Closing Settlement Sheet, a required form created by your Lender and Title company. This form lists all the debits and credits for both the buyer and seller of the real estate settlement. Your down payment and an itemized list of closing costs and related settlement charges are clearly detailed on the form so that each charge or required fee is easy to understand. Check your Closing Settlement Sheet carefully to ensure its accuracy.
The down payment for a home is applied directly toward lowering your total loan amount and is not to be confused with settlement or closing costs. Normally based on a percentage of the total sales price, the amount is typically established early in the loan application process with your lender. While down payment amounts can vary from 0%on a VA loan or 3.5 percent for an FHA loan to upward of 20 percent for certain conventional loans, normally the source of the money must be verified and approved by the lender.
Closing costs are fees associated with the cost of obtaining a home loan and escrow services when closing on a home mortgage. These fees include items such as the appraisal, lender origination fees, escrow handling charges, wire transfer fees, discount points, lender's title insurance and prepaid taxes and insurance premiums. The amount of closing costs may come as a shock to inexperienced borrowers, and many times may total up to 3 percent of the purchase price.
This page is intended for informational purposes only. Any amounts are estimated amounts and not a guarantee.
Realtor is not to be held liable for this information.
Lender should be midway through loan process by now and working on conditions and submitting to underwriting
Keep in close contact with your lender during this entire process
Final walk through once all repairs have been made. Usually within last 3days before closing.
After all steps are completed and Closing arrives you will be contacted by Title company to come in to sign documents. After all parties have signed the loan will get funded and sent for recording. Once recorded the HOME IS YOURS!!!
Closing Costs vs Down Payment
What's the Difference?
My offer has been accepted
Get Earnest Deposit to Title Company
Set up home inspection (inspectors can be found on Vendor List)
Send lender Fully Executed Contract
Some upfront out of pocket costs before closing
Home Inspection & Termite Inspection and any other Inspections you may want completed.
Inspections Completed: Step 2
Buyer Inspection Notice Seller Response must be completed with any repairs being requested.
Sellers will respond with any repairs agreed or disagreed on
Know What You Spend Money On
How You Spend Your Money