| With the new changes to the GAR contracts, you no longer have until closing to settle all your financing issues and get final approved for your loan. This makes it more important than EVER to talk to a lender BEFORE starting your home search. Now, upon Binding Agreement, you have a much more limited time to apply and get final approval on your loan - this includes the process of providing your lender with all required documents to get your loan approved through the lenders underwriters, such as tax returns, W-2 forms, pay stubs, bank statements etc. Once you have approval from the lender and you know you can definitely close, the financial contingency is lifted.  Your lender will tell you this and I will stress here: NEVER do anything to alter your financial position and/or credit score after you get loan approval until after you CLOSE on the house. This means no furniture purchase, no car purchase, no appliance purchase, no application for a new credit card. Nothing.
Meanwhile, the Closing Attorney who, in Georgia, plays a critical role in the entire process, is responsible for obtaining a Title Search on the property, getting pay-off amounts from the Seller's mortgage company and completing the HUD Settlement Statement . This is required by law specifying the costs of closing for the Buyer where it is all going, how much the Seller will receive, less any fees and other charges. You should be able to receive a copy of this at least one day prior to closing so you know in advance how much money you need to bring to the closing table. Remember, always get a Cashier's Check from your bank for your entire closing amount or contact the attorney for wiring instructions several days in advance to ensure the funds will be there on time. Personal Checks are not normally acceptable at closing.Please note that your closing may be "dry." A "dry closing" means that the lender's funds are not actually ready at the time of your closing. Here's how it used to work: The lender would get a "funding number" from the lender - indicating that the loan has been funded... but the money may not have actually be received by the attorney. Based on good faith, the attorney would fund the closing from their own funds in expectation of the funds arriving later. Everyone was happy... Until 2007 when Homebanc in Atlanta left attorneys all over the city holding the bag to the tune of some $38.0 million dollars. So today, it is common for attorneys to wait until the funds are physically in their account before funding the closing. Can't say I blame them, can you? Your agent should be keeping up with the attorney's office to schedule the closing. If you are out of town, you can instruct the attorney to mail you the package for your signature. Around here, mail closings are quite common as many of our buyers and sellers live outside the area. 
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