What takes place at the closing and what costs are included in closing costs?

The final step of purchasing the house is the closing process. This is when all players involved set up a meeting and complete the sale. Here is a list of the people who will be involved:

● The Buyer (You)
● The Seller
● The Closing Agent

[These following people may be there, but it is not necessary for them to be present]:
● The Mortgage Lender Representative
● Real Estate Attorneys
● The Insurance Agent

The Closing agent is hired by you, and is responsible for coordinating all closing-related activities. On the other hand, a real estate attorney should be hired only if you have extra funds and you feel more comfortable that he represents you in the closing transaction. Your closing agent should give you a HUD-1 Settlement Statement listing the date, place, time, and amount of money, for the various closing costs, that you'll need to bring with you to the closing meeting.

Closing costs vary depending on the lender, locality of the close, and a few other factors.  Below you will find a list of what may be included in the closing costs.

The costs marked "Lender Specific" above vary from lender to lender.  You want to make sure you have chosen a lender with low closing costs.  Fill out this form and your will be contacted by 3 different lenders so you can compare closing costs, and choose the lender with the lowest costs.

Finally, go through this Final Checklist before you move in.