Home Buyers Guide — First Time Home Buyer

• First time home buyers should read the loan papers carefully for a list of all conditions that must be met before the home closing. Don't wait for the last moment. Conditions by the lender may require a home inspection, termite inspection, radon inspection, oil tank inspection, required insurance polices, survey, etc. These requirements are meant for the lender's protection and may lead to untimely delays if they are not met.
  
  
• First time home buyers should get a good faith estimate of closing costs when you apply for the loan. Notorious are the home builders' lender and other mortgage companies who specialize in lending to people with a spotty credit history. Obtain a copy of the two-page form known as HUD-1. It is the settlement statement as designated by the U.S. Department of Housing and Urban Development. A faxed copy can be acquired by calling the bank's attorney or title company. The closing fees should be close to the disclosed good faith estimate given by the lender.
  
  
• Ask your lender who should be named as the beneficiary under the homeowner insurance commitment clause. It may be someone else other than the lender if they assign out the loan to another company. Bring the correct binder (the one-page copy of your policy that names the beneficiary) to the closing.
  
  
• Buy title insurance. Typical costs are about $2.00 per $1,000 of appraised value for mortgage refinancings. If a reissue rate is applied for, $3.25 per thousand is a typical charge. The basic coverage rate is about $4.00 per thousand. First time home buyers should shop around. See mortgage information for more input.
  
  
• Buy homeowners insurance. Typical costs are about $3.00 per $1,000 of appraised value.
  
  

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• You may have to make your down payment with a cashier's check instead of a personal check. Also, if "funding" (when a lender receives credit for payment) doesn't occur immediately, it may hamper your negotiations if you are selling a property and expecting the funds to clear immediately. Ask your lender when "funding" is scheduled to occur.
  
  
• Avoid problems about what appliances, fixtures and other non-fixed items should be left for the buyer by the seller.

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