What can you expect during the closing process? How can you make sure you're prepared?
- Expect a Good Faith Estimate when you apply for your loan which itemizes the costs of your loan, including estimates of the closing costs.
- Receive your final HUD-1 Settlement Statement listing the dollar amount you need to bring to the closing table.
- Ask your lender for a one-page summary of key terms of your loan in easy-to-understand language like the Clarity Commitment(1) from Bank of America.
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