Reviewing the HUD-1 Settlement Statment
Just before closing....
Several days before closing, I will contact your settlement agent or attorney, to request an estimated settlement or HUD-1 for the sale or purchase of your home in Lynchburg Va.The charges and credits anticipated for the buyers side and the sellers side of the transaction will be listed on the HUD-1, so we will review these together very carefully and notify your attorney ro settlement agent of any errors immediately.
Then we can determine the estimated funds you will need to bring to closing if any as well as the means of payment the attorney or settlement will accept, which is typically a certified check or cashier's check made out to the closing attorney or settlement agent. It sounds like a simple thing, but be sure to check the hours of your bank will be open to prepare your check in advance of the closing. The final figure may vary somewhat from the estimate, so arrangements need to be made with the closing agency or attorney for paying the balance or receiving a refund at closing.
Finally it is a good idea to establish a master file for all the important papers related to your home ownership. You will need to reference these documents in the future. For instance, if a job transfer is necessitated your purchase or sale of your Lynchburg Va home, your new employer may need your records to reimburse your expenses. When filing your taxes each year, items such as Lynchburg City or Campbell County or Bedford County property tax payments and mortgage interest may be deductible. Remember to keep track of all capital improvements you make to your home - this information could be important in the future for establishing your costs basis for your home. If your mortgage lender requires private mortgage insurance (PMI), with good records, in the future you should be able to substantiate a claim that your equity in the home is great enough for the PMI requirement to be removed.