Loan Approval
This is the very first step to take, you can't proceed toward closing until you get approved for the loan. Once you have been approved for the loan, the settlement process is in motion.

Good Faith Estimate
Shortly after applying for the loan (must be within three business days) the Lender will give you a Good Faith Estimate statement also known as a GFE. This statement shows the total estimated cost of the loan, including fees, interest rates and payment terms.

The closing date
The time and place of settlement will usually be agreed upon between the buyer and seller. Your REexpert will advise the lender, and the settlement company of this date.

Transfer Utilities
Transfer all applicable utilities (gas, electric, etc.) to your name, effective on the closing date.

Hazard Insurance
Most lenders will require hazard and liability insurance, for up to the loan amount. You should always choose a policy that protects your investment and gives you peace of mind.

Final Walk-Through
A day or two before settlement, you will conduct a final walk-through of the house. This is your last chance to view the property before taking ownership of it. Make sure that there are no new damages and that all items that were agreed upon in the contract are intact. This is also the time to check on the completion of the repairs requested either through the inspection or the contract agreement.

Settlement Statement
At least one business day before settlement, you should receive a settlement statement (also known as a HUD-1 statement). This statement will list all the costs line by line you're required to pay at settlement. You and your REexpert should review it carefully. If you find any errors or items you don't understand, bring it up with your real REexpert, attorney or settlement agent.

Certified Check
Unless you are getting money back at closing, you will need to bring a certified check with you to closing to cover all the closing costs and down payment. The amount of this check will be based on the settlement statement and can be found at the bottom of the statement. Don’t forget to bring a photo ID with you as well.