<p> When you buy a house, you have to jump through a <a href="https://www.home247.co/%E0%B9%80%E0%B8%8A%E0%B9%88%E0%B8%B2%E0%B8%84%E0%B8%AD%E0%B8%99%E0%B9%82%E0%B8%94-%E0%B8%AA%E0%B8%B0%E0%B8%9E%E0%B8%B2%E0%B8%99%E0%B8%84%E0%B8%A7%E0%B8%B2%E0%B8%A2/" alt="เช่าคอนโด สะพานควาย">เช่าคอนโด สะพานควาย</a></li> number of hoops - to find a house that is best for you, to make an offer that is accepted, to find a loan with favorable terms. Closing Day is the final hoop when you buy a house. This is when the house you buy will be transferred from the seller to you. Closing includes signing documents and writing the final check for your down payment. Then you get the keys to your new house. Of course, it is a bit more involved than that, mostly with what goes on behind the scenes. </p><p> The background activity when you buy a house includes money being transferred to any prior lender, paying the other companies who are involved with your closing including the title company, paying net funds to the seller, and a final title search before all the closing documents are filed. </p><p> The closing meeting may include you, the seller, the listing and selling agents, the lender and someone representing the title company. Some buyers may also have a real estate attorney with them. Your settlement agent will go through the documents with you explaining what each one is for. </p><p> You will be given a Truth-in-Lending (TIL) statement that is required by federal law to be given to all loan applicants who buy a house. It will include the APR or cost of the mortgage. You will notice that the APR rate is higher than your agreed upon interest rate. That is because it includes points, fees and other costs of the loan you are taking out to buy a house. The TIL also explains the terms of the loan including the amount financed, finance charge and total of the payments. </p><p> The next document is usually the Mortgage Note. This is your contract with the lender that you will make payments according to the loan terms. It will include payment dates, where payments are to be sent and any penalties for late payments. </p><p> The Mortgage itself is also called a Deed of Trust in some areas. It is the legal document that secures the note and guarantees the lender holds a claim to your house until you pay off the loan. The Mortgage will stipulate what type of insurance you must hold when you buy a house, and sets out the terms in case you would default on your loan. </p><p> The Deed is signed and notarized and transferred from the seller to the buyer. It is important that you check to make sure the correct names are on the deed when you buy a house. </p><p> In a future article, we will talk about the costs associated with closing when you buy a house. </p>
