On The Road To Buying A House: Closing The Loan

buying a house, closing on the loan

Fabgrandpa and me with the closing attorney

At long last, the day we had been waiting for arrived last Thursday: December 22, 2011. It was time to close on the loan. We met at the closing attorney’s office with our lender’s representative, a HUD representative, and Steve, our real estate agent. As the closing attorney explained each piece of paper to us, we each signed them.

buying a house, closing the loan

The lender's representative and the real estate agent

About five sheets of paper into the closing, my husband discovered that whoever prepared the closing package had inadvertently made a typo in his name. I was the same way throughout the entire package, so we halted the closing while the attorney had her assistant correct and re-print the entire thing. The attorney said that if we had continued with the package as it was, my husband’s credit history would forever be in that misspelled name.

closing the loan

Busy signing our names

Once all the paperwork was corrected and reprinted, we started over. The whole process took about two hours to complete. At the end of that time, we were the proud owners of that little house!

closing a home loan

The closing package--all 125 pages of it!

I won’t bore you with all the details of what was included in the closing package, but I will say that it included ALL of the previous forms we were required to fill out. In all, there was about 125 or so pieces of paper included in the closing package.  From our sales contract, to the the forms detailing our rights and a privacy statement, we were given a copy of what we had just signed to take home with us. The only thing left to do was to hand over the keys to the house.

closing the loan, buying a house

Fabgrandpa with the keys! One happy man!

Because this was a HUD owned foreclosure, we had to meet the real estate agent at the house. He handed us the key, and then we changed the locks, because every real estate agent in the county had a key to the old lock. As soon as we had the key in hand, my husband and I felt such relief that the buying part of owning a home was over.