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FAQ’s: What to Expect at Closing

March 8, 2013 by SMGVegas in Market News with 0 Comments
What happens at the loan closing?

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. If you are purchasing an existing home, the seller will execute their documents in advance.

If you need to bring any money to closing to complete the transaction, those funds have to be in the form of a wire transfer. I will make sure that you know the exact amount you need to bring a day before closing.

The most important documents you will be signing at the closing include:


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 the loan is 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 provided after completing the application. This document is also commonly known as the closing statement and both the buyer and seller must sign this document.

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. It is exactly the same as the TIL that you received immediately after your initial application, except that it has been updated to reflect the final rate and fee information. Federal law requires that all lenders provide you with this document at 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 that you may incur if you fall behind in making your payments.

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 closing agent will provide more details at the closing.

When can you tell me the amount of funds required to close escrow?

Upon receipt of your documents and preparation of your escrow instructions, we will contact your real estate agent and/or you to let you know the amount of funds you will need to close escrow.

Who will call me to schedule an appointment?

Normally your real estate agent will call you. However, sometimes the title company will call to make arrangements for your signing.

Can I give you a personal check?

No, according to Nevada state law, all funds must be in the form of a wire transfer.

When do I get my keys?

It typically takes 24-48 hours after signing to fund your mortgage loan.  Upon funding the mortgage your real estate agent will confirm the recording of the mortgage.  At that point your real estate agent will contact you regarding the disbursement of the keys.

How much time should I allow for my signing appointment?

Please allow 35-45 minutes for your signing appointment. Escrow papers can be sent via Federal Express.

What is a Statement of Information?

Statements of information provide title companies with the information they need to distinguish the buyers and sellers of real property from other people with similar names. After identifying the true buyers and sellers, title companies may disregard the judgments, liens or other matters in the public records under similar names.

What will I need to take to the Title Company when I go to sign my papers?

Bring a valid driver’s license, valid passport or Military I. D.

When will I get my deed showing proof of ownership?

The day escrow closes is the day the deed records with the county and you become the owner of your home. It could take 6-10 weeks from the date for the county to mail you the original signed/recorded deed. At that time you need to be sure that the mortgage company and homeowners association has the correct address to send your billings.

Will I always make my mortgage payment to Evergreen Home Loans?

Not necessarily. In some cases we will transfer the collection of payments (sometimes called “servicing”) to another entity either immediately after closing or sometime during the life of the loan. By federal law, we must inform you of their intentions regarding loan servicing transfers at the time of application but this is only a general indication of what may happen.  Your lender is always able to transfer servicing at any time.

The thing you do most at the closing is sign your name to all the closing documents.

 

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Related posts:

  1. FREE Money for Home Buyers in Las Vegas
  2. How Purchase Loans Are Made

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