Mortgage Help   Mortgage Rates Real Estate Credit Foreclosure Tax Mortgage Rates  Mortgage Basics Chapter 1: How much house can you afford? Homeownership Should You Buy or Rent Summary   Chapter 2: Adjustable-rate mortgages ARM and a fixed-rate mortgage Fixed-rate mortgages Understanding the key elements Which type of lender is right for you? Other types of mortgages Subprime Summary   Chapter 3: Your credit score Down Payment How lenders set rates Low down payments Mortgage insurance Your mortgage payment Mortgage Points Summary   Chapter 4: The good faith estimate Inspection and Insurance Necessary paperwork for a buyer Other lender paperwork Paperwork and fees Prequalification and preapproval Special circumstances Summary   Chapter 5: Ten questions to ask Turned down for a mortgage Underwriting What lenders ask Summary   Chapter 6:  Understanding the closing process Escrow Summary   Chapter 7: When your mortgage is sold Avoiding foreclosure Paying ahead Payment changes Refinancing Removing mortgage insurance Summary Summary You've been waiting patiently for closing day. Rest up, because there are a lot of papers to sign when a property transfers owners. You will need to bring with you the documents you received during the entire process. Before closing, make sure you do a walkthrough of the property. Then get ready to sign on many, many little lines. Review the HUD-1 settlement statement carefully. This document details the final closing costs. You should compare it to the good faith estimate and question an discrepancies between the two documents. You will probably have an escrow account, from which your real estate taxes and property insurance will be paid by the mortgage servicer. A portion of each of your monthly mortgage payments will be deposited into the escrow account. At closing, you will need to prepay property taxes and insurance premiums into the escrow account. You will need to sign a notification that your mortgage could be sold.