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You dream of a home. Your dream home. How exactly do you get from one to the other? I have tried to organized the facts right here in an easy-to-follow format. I remember what it was like not to know ARMs from amortization or title searches from expense ratios. Breathe easy. I've translated useful information and will walk you through the entire process. Before you know it, you'll be ready to cross the threshold to your very own home.

Making Up Your Mind
Getting Started
Home Shopping
Mortgage Types
When you Find a Home
The Home Stretch
Your Rights as a Consumer

THE CLOSING -

This is the culmination of all your efforts -- the point when your dream of a home becomes your dream home. The closing, also called the settlement or escrow, involves a number of people and elements. Here's a rundown to help you remain confident as the day approaches.

What's involved
At your closing, you will "sign on the dotted line," not once, but many times. The process puts the title to the house in your name, verifies homeowner's insurance on the property, commits you in writing to the terms of the mortgage and, usually, puts the keys to the house in your hands.

Closing procedures vary. In some areas, the buyers and sellers, as well as their real estate agents, attend the closing. In other areas, only the buyers are present. The closing often takes place at the office of an attorney, a title company or an escrow company. Usually each and every document is carefully explained as it arises and is signed.

Terms you may hear
Some common terms dealt with at the closing are:

Documentation
Downpayment Fees
Prepayment Premiums
Points
Interest Rate
APR

The closing is your final opportunity to make certain that everything related to the purchase of your home is correct. It's important to do adequate preparation before the day of closing.

Items that are needed

A closing cost estimate. Your lender will provide the figure in a Good Faith Estimate, shortly after you apply for a loan. This should give you a reasonably accurate estimate of funds you'll need at closing.

Homeowner's insurance policy. This must be secured prior to the date of closing. For more information on coverages (and saving money) see homeowner's insurance.

Settlement Statement. Your lender should provide you with a copy of the Settlement Statement one or two days before your closing. It's important to have because it gives you the total amount of cash you'll need at closing and tells how those funds will be disbursed. Review the Settlement Statement ahead of time and iron out any discrepancies prior to closing.

Certified funds. On the day of closing you will typically need to bring certified funds (for example a certified check) with you for closing costs and down payments. Personal checks are generally not accepted.

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