Navigating the Closing Process
Consider hiring an attorney. In some states, lawyers are customarily not used for residential purchases. “But even in those areas, you should get a lawyer if your situation is complicated or if you’re buying a foreclosure or a short sale,” says Glink.
Lock in your interest rate. There is no need to do this more than 30 to 45 days before your close, as rates aren’t expected to rise significantly for at least the next year and a half.
Obtain a detailed list of closing costs from your lender. Besides the expenses tied to your loan, you may have additional fees, such as title services and transfer taxes. This information should be listed on your Good Faith Estimate form, which the lender provides when you lock in your rate.
Watch for bogus fees. Some lenders charge for preparing documents, messengering papers, or even printing e-mails. It’s worth asking for these items to be removed from your bill, says Glink.