The closing will take place 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. The closing agent conducting the closing should be able to answer any questions you have or you can feel free to contact your Mortgage Loan Officer if you prefer.

Just to make sure there are no surprises at closing, your Mortgage Loan Officer 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:

Closing Disclosure

This document provides an itemized listing of the final fees charged in connection with your loan. If your loan is a purchase, the closing disclosure 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 closing disclosure will show the pay-off amounts of any loans that will be paid in full with your new loan. Most items on the statement are categorized and will correspond to the numbers listed on the Loan Estimate that will be provided in your application package.

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 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 of your primary home, 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 closing agent will provide more details at the closing.

In some areas of the country it is very customary, and sometimes required by law, to have an attorney represent you at the closing. In other areas, attorneys are not as common at a real estate closing. Please contact the closing agent if you have questions about attorney representation. By all means, we recommend that you have an attorney at the closing if it would make you more comfortable. If your attorney has any questions about your new mortgage, please refer them to your Mortgage Loan Officer. We'd be happy to provide any information necessary.

The most important documents you will sign at closing are the note and mortgage, sometimes called the deed of trust. Unless there are special circumstances, these documents are usually prepared one to two days before your closing. Other documents are prepared by the closing agent the day before or the day of your closing. If you would like copies of the completed documents to be sent to you after they are prepared, please contact your Mortgage Loan Officer.

The closing agent acts as our agent and will represent us at the closing. However, your personal Mortgage Loan Officer will contact you prior to closing to talk about your final documents and to provide a final breakdown of your closing fees. If you have any questions that the closing agent can't answer during the closing, ask them to contact your Mortgage Loan Officer by phone and we'll get you the answers you need - before the closing is over!

If you won't be able to attend the loan closing, contact your Mortgage Loan Officer to discuss other options. If someone you trust is able to attend on your behalf, you can execute a Power of Attorney so that this person can sign documents on your behalf. In other cases, we're able to mail you the documents in advance so that you can sign them and forward them to the closing agent. We're sure to have a solution that will work in your circumstances.

The closing of your loan is typically facilitated by the escrow/settlement company that has been selected for your loan. If you are purchasing a home, your escrow company may have been selected by the seller or your real estate agent.  If you are refinancing your home, you will have most likely selected the company of your choice.  The closing will be handled by a representative of their office, and typically is done in their office.  If you need something more convenient you can request a notary come to your home or office to complete your loan closing, but there is an added cost for this service.

Automated monthly payments are available. At the loan closing an automated payment application will be provided. Simply return it at your earliest convenience to enroll in the automated payment program.