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The closing will take place at one of our branch locations or at the office of an attorney in your area, who will act as our agent. If you are purchasing a new home, the seller may also be at the closing to transfer ownership to you.
During the closing you will be reviewing and signing several loan papers. The closing agent or attorney conducting the closing will be able to answer any questions you have and you may feel free to contact us for further clarifications.
To make sure there are no surprises at closing, the agent will contact you a few days before closing to review your final fees, loan amount, first payment date, etc.
The most important documents you will be signing at the closing include:
The Loan Estimate
This document is a form that lays out important information about the loan you applied for. The lender sends you a Loan Estimate within three business days of receiving your application.
The Closing Disclosure
This document is a form that lists all final terms of the loan you’ve selected, final closing costs, and the details of who pays and who receives money at closing. Your lender sends you a Closing Disclosure at least three business days before closing.
Note
This is the document you sign to agree to repay your mortgage. 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 you may incur if you fall behind in making your payments.
Mortgage
This document pledges a property to the lender as security for repayment of a debt. Essentially this means you will give up your property to the lender in the event that you cannot make the mortgage payments. The Mortgage restates the basic information contained in the Note, and details the responsibilities of the borrower.
The Notice of the Right to Rescind
This notice informs you that you have three business days from the lender’s fulfillment of certain conditions to cancel your loan and provides a form for cancelling the loan, if applicable. This does not pertain to loans used to purchase a home, but does for refinancing and home equity lines of credit.
The Initial Escrow Statement
Lists the estimated taxes, insurance premiums, and other charges the lender anticipates paying from your escrow account during the first year of your loan, if applicable.