The closing will usually take place at one of our branches or occasionally at the office of a title company or attorney in your area who will act as our agent.
During the closing, you will be reviewing and signing several loan papers. Your loan officer or one of our team members will be there to assist and answer any questions you have. If you are purchasing a new home, the seller may also be at the closing to transfer ownership to you along with the real estate agents and the title company’s agent.
Just to make sure there are no surprises at closing, your Loan Officer will contact you a few days before closing to review your final fees, loan amount, first payment date, etc.
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 that you may incur if you fall behind in making your payments.
Mortgage / Deed of Trust
This document pledges a property to the lender as security for repayment of a debt. 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 details the responsibilities of the borrower. In some states, the document is called a Deed of Trust instead of a Mortgage.
If your loan is a refinance, Federal Law requires that you have three days to decide positively that you want a new mortgage after you sign the documents. This means that the loan funds won’t be disbursed until three business days have passed. The loan officer will provide more details at the closing.