Recently, I had a client discover almost a year after closing (while doing his taxes) that there was a small error on his Closing Disclosure form. This isn’t a form that we typically see since it is a disclosure right from the Lender to the Buyer regarding their loan. So, having never seen their Closing Disclosure, it is not an error I would normally be able to catch for clients.
This client, who is a super smart engineer, made his own small checklist of things to check on the Closing Disclosure. He shared it with me and, with his permission, I am able to share it with you as well.
So, here is a special, simple checklist of things to check on your Closing Disclosure when buying properties as a Nomad.
- The loan amount is correct.
- The interest rate is correct.
- Monthly principal & interest payment is correct.
- Mortgage insurance is being collected.
- Taxes are being collected.
- Closing costs are correct.
- You understand the closing costs.
- You understand and agree with the cash to close amount.
- You understand and agree with the loan costs.
- You understand and agree with any other costs.
- The correct boxes are checked regarding loan disclosures.
- Contact information is correct.
This should be referenced from the Contract to Close process.
Improvements
The following are improvements I plan to make to this page based on some of my Standard Process Improvement Questions.
- I should move these to be house specific checklist items for Nomads to use with our checklist system.
- Tammy should add an email reminder with this checklist to our internal process.
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Read the "Facebook Ads for Real Estate Agent and Lender Sponsors" blog post on
https://RealEstateFinancialPlanner.com/facebook-ads-for-real-estate-agent-and-lender-sponsors/
- Sponsor Read "100 Ways to Get a Nomad Client in the Next 12 Months"
Read the "100 Ways to Get a Nomad Client in the Next 12 Months" blog post on
https://RealEstateFinancialPlanner.com/100-ways-to-get-a-nomad-client-in-the-next-12-months/
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- Sponsor Read "Prepare for Investor Meeting Checklist"
Read the "Prepare for Investor Meeting Checklist" blog post on
https://RealEstateFinancialPlanner.com/prepare-for-investor-meeting-checklist/
- Sponsor Read "At Investor Meeting Checklist"
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https://RealEstateFinancialPlanner.com/at-investor-meeting-checklist/
- Sponsor Read "Before for Real Estate Agents"
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- Sponsor Read "During for Real Estate Agents"
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- Sponsor Read "After for Real Estate Agents"
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- Sponsor Read "Lease Option Ad for Property Listed in MLS for Clients"
Read the "Lease Option Ad for Property Listed in MLS for Clients" blog post on
https://RealEstateFinancialPlanner.com/lease-option-ad-for-property-listed-in-mls-for-clients/
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- Sponsor Read "Standard Process Improvement Questions"
Read the "Standard Process Improvement Questions" blog post on
https://RealEstateFinancialPlanner.com/standard-process-improvement-questions/