|
Menu |
Step 1 |
Step 2 |
Step 3 |
Step 4 |
Step 5 |
Step 6 |
Step 7 |
Step 8 |
Step 9
| Summation
Step 9 - Closing
At the closing
the borrower should:
- Bring a cashiers check for
your down payment and closing costs if required. Personal checks are
normally not accepted and if they are they will delay the closing until the
check clears your bank.
- Review the final loan
documents. Make sure that the interest rate and loan terms are what you
agreed upon. Also, verify that the names and address on the loan documents
are accurate.
- Sign the loan documents.
- Bring identification and proof
of insurance.
After the
documents are signed, the closing agent returns the documents to the lender
who examines them and, if everything is in order, arranges for the funding of
the loan. Once the loan has funded, the closing agent arranges for the
mortgage note and deed of trust to be recorded at the county recorders office.
Once the mortgage has been recorded, the closing agent then prints the final
settlement costs on the HUD-1 Settlement Form. Final disbursements are then
made. Next
|