Your closing will take place at one of our convenient branch offices. If you are purchasing a new home, the seller may also be at the closing.
During the closing you will review and sign several documents. The closing agent (or attorney) conducting the closing will be able to answer your questions. Your Mortgage Loan Officer and Loan Processor are also here to help you.
To make sure there are no surprises at closing, the attorney will contact you prior to closing. They’ll review your costs, loan amount, first payment date, and make sure your ready for the loan closing.
Here are some documents you will review at closing:
HUD-1 Settlement Statement
This document provides an itemized listing of the final fees charged in connection with your loan. If your loan is a purchase, the settlement statement will also include a listing of any fees related to the transaction between you and the seller. If this loan will be a refinance, the settlement statement will show the pay off amounts of any mortgages that will be paid in full with your new loan. Most items on the statement are numbered according to a standardized system used by all lenders. These numbers will correspond to the numbers listed on the Good Faith Estimate that will be provided when you applied.
Truth-in-Lending Statement (TIL)
This document provides full written disclosure of the terms and conditions of a mortgage, including the annual percentage rate (APR) and other fees. You received an early TIL when you applied. The final TIL reflects the final rate and fee information.
This is the document you sign to agree to repay your loan. The note will provide you with all of the details of your loan including the interest rate and length of time to repay the loan. It also explains the penalties that you may incur if you fall behind in making your payments.
This document pledges a property to the lender as security for repayment of your loan. Essentially this means that you will give your property up to the lender in the event that you cannot make the mortgage payments. The Mortgage restates the basic information contained in the note, as well as what you’re responsible for.
Right of Rescission
For some refinance loans, Federal Law requires that you have three days to decide if you want to proceed with the loan. This means that the loan funds won’t be disbursed until three business days have passed. The attorney will explain this at closing.