Need advice today... closing details!

[MarriedaGoalie]

So, we're closing on our first home today... I need some advice.

They offered us a certain kind of insurance that would protect against disability or unemployment for one our both of us. Does anyone have this on their loan? Basically, if you become disabled or unemployed, they will waive your payment for up to like 12 months or something... Those are two seperate prices... disability and unemployment or you can get both for even more. What is your advice on that?

Also, going into closing... is there anything else we should be aware of ? We've never closed on a home and don't have an agent, so any help would be appreciated! :)

Thanks in advance!

[Marie]

You don't have an agent or an attorney?

I guess just read everything and make sure you understand what you are signing. Don't feel rushed, take your time if you need more clarification on something just ask.

I've heard of that insurance...we don't have that but I can see where it would be very beneficial depending on the cost.

[lml41981]

We didn't do the mortgage protection insurance...trust me, even if you don't do it now, you'll have plenty of opportunity to sign up later. They will mail those offers out once a week for the rest of eternity, it seems. Honestly, get a good life insurance policy and have AD&D insurance through work or whatever and you're probably set. Continue to make saving money a priority so that should you find yourselves unemployed, you can make payments and stuff.

[BethElena]

We didn't do the mortgage protection insurance...trust me, even if you don't do it now, you'll have plenty of opportunity to sign up later. They will mail those offers out once a week for the rest of eternity, it seems. Honestly, get a good life insurance policy and have AD&D insurance through work or whatever and you're probably set. Continue to make saving money a priority so that should you find yourselves unemployed, you can make payments and stuff.

Ditto. We get offers from the mortgage company we no longer have about every other week.

We were first time home buyers, and didn't buy the coverage. We have good short/long term disability through work, and great life insurance policies.

It all depends on how comfortable you are. But take tons of time...I know we found out TOO late what a loser agent we had, so if you have any questions at all, big or small, as them BEFORE signing the paperwork. I know our titling company answered more Q's at closing then our agent ever did.

[kiddo]

We didn't take the insurance either. We looked into but decided we didn't really need it as we already had plenty of life/disability insurance and enough savings. We will revisit the issue when we have children.

We went to our closing without an agent or lawyer also. The guy with the title company was really helpful and answered all of our questions. The days leading up to closing, the title company will contact you and let you know everything you need to bring to closing, including the amount of the check you will need to bring.

ETA: oops, didn't realize you were closing today! Congratulations. If the title company hasn't contacted you yet on what you need to bring, I'd give them a call.

[MarriedaGoalie]

Yes, that's the one thing I'm really worried about... we close in 3 hours and our title company hasn't contacted us regarding our amount we need to bring. I honestly don't even know who our title company is. I've contacted our lender, Bank of America, numerous times and she said she still didn't how much are closing costs would be. I told her, "Well, I got X amount of money and if that's not enough, then I guess you'll have to sell the home to someone else."

We were leaning towards the "not getting the insurance" side of things, so thanks for all the input!

[kiddo]

Where is the closing? We had our closing at the title company's office.

[MarriedaGoalie]

Our closing is at the home building company's office.

By the way, I just got the call from the lending company with the closing costs and it ended up only being $156.10!!!! (I already put our down payment of $3,130 down.) When we signed our original contract, we put $500 down and I didn't realize that went towards our closing costs! I'm so excited because I was expecting about $1,400 worth of closing costs! :D

[MarriedaGoalie]

Well everything went great with the closing and we move into our brand new home tomorrow!!! Thanks for all the advice, ladies! :)

[kiddo]

Congratulations!

[Marie]

Congrats! Enjoy your new house!

[MarriedaGoalie]

Thank you! The house is so much fun! :)