The Closing

We just closed on the loan last last week. It felt good to finally get that portion out of the way, since we only had our loan rate locked in for 60 days. A few things had to come together quickly to get the closing complete.

We owed the builder a down payment of 25K, which for some reason was to be paid to them before the closing could take place. I was under the impression that was something the title company would take care of, but the loan company insisted that happen before. So, that was a surprise, just don't make assumptions, ask questions.

We also had to have risk insurance. There were terms in our builders contract for "insurance" that required this, but there were also some "insurance" items that were part of our closing costs. I assumed this was covered. Nope. Had to get a new homeowners policy that listed the loan company and the builder as payees. This can be added in to the closing costs.

Just ask lots of questions. I was mad at the fact no one had pointed that out. I don't know what I don't know. This whole thing is a learning process.

The other piece was the closing costs. We knew what these were going to be some time before closing, but 7K was hard to swallow.

In the end everything worked out just fine, it was just a little frustrating.