I have been asked by many Spring TX first time home buyers what they will need to bring to closing. The first item that comes to mind is of course funds to close. I have had a few Veterans who did not have to bring funds to the closing
table but not many. With the changes in the loan industry most 100% loans are gone so you will need some cash.
The money to pay all your fees and closing cost will need to be in the form of "guaranteed funds" such as a Cashier's Check. Your agent or escrow officer will notify you of the exact amount. You will receive a closing document required by HUD that outlines the settlement cost. The Title Company prepares this document. The HUD statement is a little difficult to read as you read it backwards. You start with page two and then go back to page 1. Page 1 is the page that shows the funds you need to bring for your real estate closing. For additional information on HUD statements go here.
In a perfect real estate world a Spring TX first time home buyer would receive the HUD statement the day before closing so you would have time to go over it before closing. Unfortunately real estate is not perfect; I can't tell you how many times we get the HUD from the Title Company at the closing table. I honestly don't know why it takes so long but it is a very complex process. Should that happen you can bring a check using the figures your lender have come up with from your good faith statement. Should you not bring enough money you can write a personal check to the title company for up to $1500. On the flip side if you bring too much money the Title Company will cut you a check for the overage.
The other item
you will need to bring is a picture ID such as your driver's license or a passport. A number of years ago I had a client who was moving to another state. He came back to Spring TX for the closing and to get his furniture. A few days before closing I found out that he had turned in his driver's license to the other state and only had a piece of paper for a drivers license. He did not have another picture ID. Back then I talked the title company in to letting us get a membership at Sam's Club and using it as a picture ID. As I told you this was quite a few years ago I'm not sure if that would fly today. Long story short I highly recommend not turning in your driver's license if you are planning on buying a house unless you have another type of picuter ID.
This is a Spring TX first time home buyers series and as I add additional post I will add the links. Please feel free to visit my prior post.
- Spring TX First Time Home Buyers Guide - Part 1 - Loan Pre-approval!
- Spring TX First Time Home Buyers Guide - Part 2 - The Web Search!
- Spring TX First Time Home Buyers Guide - Part 3 - The Home Search!
- Spring TX First Time Home Buyers Guide - Part 4 - What price do we offer!
- Spring TX First Time Home Buyers Guide - Part 5- The Home offer!
- Spring TX First Time Home Buyers Guide - Part 6 - The Texas option fee and your home inspection!
- Spring TX First Time Home Buyers Guide - Part 7 - The Title policy
- Spring TX First Time Home Buyers Guide - Part 8 - Why you need to live in an HOA!
- Spring TX First Time Home Buyers Guide - Part 9 - What to bring to your closing!