What is Closing?
Closing on your mortgage is the last step in purchasing your home. Once the closing process is completed, you become the legal owner of your home. Your Realtor will give you instructions on where the closing will be conducted, along with a phone number for the closing attorney or agent in case you have any questions for him.
Your Premier Funding Network broker will make sure that all documents are in order for a smooth closing.
Here’s what you can expect to happen at the closing table:
- The closing agent reviews the HUD-1 Settlement Statement with both you and the seller.
- Evidence of required insurance and inspections are presented.
- Signatures are collected for loan documents including the HUD-1, mortgage or deed note and the Truth-in-Lending statement as well as other associated mortgage documents.
- You submit a certified or cashier’s check to cover your specific down payment and agreed closing costs. Or, in some proceedings, money is drawn from an escrow account established for your home purchase.
- The Lender provides a check to the closing agent to cover the home loan amount. If your monthly payments are to include property taxes and insurance, a new escrow account (or reserve) is established at this time.
The final step is the best step- receiving the keys to your new home.
For more in-depth explanations of mortgage loans and the loan process, contact your Premier Funding Network specialist at 714 283-9900. We would be happy to discuss your home purchasing or refinancing loan questions. The goal of home ownership may be more attainable than you think. Give us a call and lets get the ball rolling.