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Plan Well, Retire Well

Saving and investing your money

Sasha Learns: How to Buy a House - The Closing


Whew! What a journey we've been on together with the Sasha Learns: How to Buy a House series! This month we're going to cover the closing process. If you've been working with awesome "Players" this process should go smoothly for most people. But let's dive into the nitty gritty!

Your realtor might call this process the "clear to close" which to me basically meant we had the "all clear" and that we'd be homeowner's soon! Behind the scenes there was tons of work being done by our mortgage lender, real estate agent and our attorney.

On the day of our closing we met at a title company to exchange real estate documents, sign them and hand over the money for our down payment. At this time everything went into escrow. Escrow is essentially like a referee checking to make sure you [the buyer] and the seller have done everything right and they gather up all the documents to then disburse to the new owners. They check to make sure all of the financing is in order, documents are signed and everything is ready to go for the Closing or Settlement Statement.

Going into our closing, I was really nervous and could hardly sleep the night before. In the end our closing felt pretty boring; we signed a stack of documents and were told numerous times not to default on our loan. One thing that stuck out to me was the amount of interest we were paying over a 30 year period! The number was outrageous! At the end of the meeting, checks were cut to their respective parties and we walked away with the keys in our hand to our very first home!

For those of you that like resources the Consumer Financial Protection Bureau (CFPB) has a nice checklist to make sure you are prepared before, during and after your closing!

Coming up I'll be talking about financing the move and just some first time home buyer tips to conclude the Sasha Learns: How to Buy a House series!

This post continues a series on Sasha's journey through the puzzling world of buying a house for the first time. You can find other posts in the series by clicking Home Ownership in the Category list on the right side of this page.



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