Kenn Renner's (kennrenner) Blog

Page Three of H.U.D. 1 One feature that has been included in the new closing statement is the 10% rule. The 10% rule requires the total loan origination charges to be within 10% of the original good faith estimate provided by the lender. If it is off by more than 10%, the lender must correct it t...

Sometimes, the closer will start the closing statement review on page two of the closing statement because that is where the settlement charges are accounted for. On page two of the H.U.D. 1 are several sections from the 700s to 1400s. The first section – the 700s – details the commission charges...

Page one of the settlement statement details the final math and prorations for purchase transaction. Make sure all the information at the top of the statement is accurate. Name, address, date, etc. The bottom half of page one is the summary of the transaction for both the buyer and the seller. Th...

The H.U.D. 1 “settlement statement” – or “closing statement” is commonly the first document that will be reviewed (and one of the most important). The H.U.D. 1 is where the transaction numbers between you, the seller, the mortgage company, title company, and most everyone else involved in your pu...

At Closing The sellers usually have less paperwork to sign than buyers so they may sign ahead of time or afterward so they don’t have to wait around for the buyer to make it through their “stack” of documents. Sometimes sellers and buyers close together at the same time and at the same table. I t...

Closing Day – Preparing For Close Your purchase contract will have a specific date for your closing to occur. The purchase agreement may state “on or before” which means that if you and the seller agree and the paperwork is ready, you may choose to close sooner than the date in the purchase agree...

It’s the day you’ve been waiting for. The closing is where you become a homeowner. This is where all the documents and funds will come together. The closing is usually held at a title company, escrow company, or an attorney’s office. You will bring your certified funds (cashiers check), your ID, ...

Utilities Make sure you call the utility companies several days prior to closing. You don’t want to get to your new home the day of closing and find the lights out or no hot water. Utility companies sometimes need deposits or credit checks before opening an account. If you transfer service before...

As you are nearing closing day, you will want to do a final walk through. The purpose of the final walk is to make sure the repairs that were requested were completed. Make sure the home is in the same condition as when you made your buying decision and that there are no “missing” items that shou...

Most homebuyers will opt for a termite inspection. If termites are found, you will be glad you had the inspection because the little bugs can cause a lot of expensive damage. New homes usually do not need to be inspected for termites. Inspections are an important part of the buying process and wi...