Joshua Elkington: cash to close in Salt Lake City

Put each dollar in the right column

A down payment is only one part of the money involved in buying a home. Start a worksheet with separate columns for the down payment, loan and settlement charges, prepaid items, money already deposited and credits. Add a separate line for cash you intend to keep available after the move.

This avoids a common planning mistake: adding every figure together without checking whether a deposit has already been credited or whether a charge is paid before closing. Ask your lender and title professional to identify what is included in the cash-to-close calculation and what you may need to pay separately.

Use the estimate as a working document

The CFPB’s Loan Estimate explainer is a useful companion when comparing a proposed loan. Review the payment information as well as the costs. Ask which estimates depend on the property, the closing date or a service you may choose. Keep the version and date so a later revision can be compared accurately.

For a home with an HOA, obtain its transaction fees and ongoing charges rather than assuming they are inside a mortgage quote. Insurance and property details also need confirmation. Joshua can help organize the property-side questions, while your lender explains its figures and any program limits affecting credits or financing.

Compare an offer’s price and cash effect

A seller credit and a lower purchase price can affect a transaction in different ways. Request lender-prepared comparisons before choosing one approach. Keep the purchase assumptions consistent and ask what happens to cash at closing, the payment and any costs that remain your responsibility.

Have Joshua record the requested contribution accurately in the proposed agreement and coordinate any questions with the lender and title professional. A negotiated term still needs to fit the loan and contract. Do not build the household plan around a concession that has only been discussed informally.

Reconcile the final numbers before signing

CFPB guidance explains how to compare a Closing Disclosure with the latest Loan Estimate. Review the cash to close, credits, deposits and significant changes; request an explanation when the final form differs from what you expected. Keep the comparison beside your own cash worksheet.

Bring Joshua the property-related differences that still need coordination, such as an agreed seller contribution or possession arrangement. Bring loan-charge questions to the lender and settlement questions to title. For your Salt Lake City or West Valley City purchase, the useful result is a clear record of what you owe, when it is due and who confirmed it.

Bring a useful question list

• Keep down payment, closing costs, prepaids, deposits and credits separate.
• Ask which costs are outside the lender’s cash-to-close estimate.
• Confirm any HOA transaction fees and negotiated seller contribution.
• Compare the final disclosure with the latest estimate and resolve differences.