Mortgage Seminar chapter 11 at Bankrate.com's Elearning Workshop

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Portland, Oregon	September 5, 2008

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CHAPTER XI -- SKIP THE SURPRISES AT CLOSING

LESSON 21: PREPARING FOR THE CLOSING

By this point, you probably will have scheduled a closing date. Since it's likely to be a couple of weeks away, you have some time to get a few things accomplished.

If you're getting a mortgage to purchase a home, for instance, you should order a home inspection. Sales contracts generally entitle buyers to final walk-through inspections of their houses 24 hours before closing. This is to check that the seller has vacated the property and left it in good order. If there are any major problems, borrowers can ask to delay closings or demand that the sellers put money aside in escrow accounts to cover any necessary repairs. Now is the time to do all of this. See Tips

The cost of a home inspection generally ranges between $250 and $500.

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You should also start preparing yourself to do two things at closing:
1) Sign legal documents: These documents fall into two categories: the agreement between you and the lender regarding the terms; and conditions of the mortgage and the agreement between you and the seller to transfer ownership of the property. Gather all the paperwork you've received up until this point so you can bring it with you to closing.

Don't sign forms with blank lines or spaces.

(continued on next page)

TABLE OF CONTENTS

CHAPTER I
Lesson 1
Quiz

CHAPTER II
Lesson 2
Quiz

CHAPTER III
  Lesson 3
  Lesson 4
  Lesson 5
  Quiz

CHAPTER IV
  Lesson 6
  Lesson 7
  Quiz

CHAPTER V
  Lesson 8
  Lesson 9
  Quiz

CHAPTER VI
  Lesson 10
  Lesson 11
  Quiz

CHAPTER VII
  Lesson 12
  Lesson 13
  Lesson 14
  Quiz

CHAPTER VIII
  Lesson 15
  Lesson 16
  Lesson 17
  Lesson 18
  Quiz

CHAPTER IX
Lesson 19
Quiz

CHAPTER X
Lesson 20
Quiz

CHAPTER XI
Lesson 21
Quiz

CHAPTER XII
  Lesson 22
  Lesson 23
  Lesson 24
  Quiz

CHAPTER XIII
  Lesson 25
  Lesson 26
  Lesson 27
  Quiz

CHAPTER XIV
  Lesson 28
  Lesson 29
  Lesson 30
  Quiz

Definitions

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