Mortgage Center

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What happens at the loan closing?
Will I need to have an attorney represent me at closing?
Can I get advanced copies of the documents I will be signing at closing?
Who will be at the closing?
I won't be able to attend the closing. What other options are there?
Can I make my monthly payments with an automated debit from my checking account?
If I apply, where will the closing take place?
How do I lock my rate?
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The closing will take place at the office of a title company or 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, but in some states, these two events actually happen separately.

During the closing you will be reviewing and signing several loan papers. The closing agent or attorney conducting the closing should be able to answer any questions you have or you can feel free to contact your Loan Officer if you prefer.

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

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, 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.

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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 Loan Officer. We'd be happy to provide any information necessary.

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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 Loan Officer.

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The Title Company acts as our agent and will provide an Escrow Officer to represent us at the closing. However, your personal Loan Officer will make every effort to be there as well. In the event that your Loan Officer can not be at the closing and If you have any questions that the Escrow Officer can't answer, ask them to contact your Loan Officer by phone and we'll get you the answers you need - before the closing is over!

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If you won't be able to attend the loan closing, contact your 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.

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

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The closing will likely take place at the office of a title company, however, some refinance loans may be able to be closed at our main office.

When working with a title company, we'll schedule your closing to take place in a location that is located near your home for your convenience.

We'll deliver our loan documents and wire transfer your loan funds to the title company prior to closing so that they'll have plenty of time to prepare for your closing.

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Contact your loan officer.