Cherry Hill, NJ Homes for Sale - The Closing Process

Once your loan is approved and you receive the final written mortgage commitment, you are set to take the final steps necessary to close on your new home.  Many home buyers can be intimidated by the closing process, but it’s not as complicated as many believe it to be.  In most transactions, you have already been through the far more difficult phases of procuring your new home.

The Settlement or Closing process begins with the borrower and lender meeting in the presence of a title clerk who is a notary public.  The title clerk is authorized to oversee, and certify agreements, deeds and other legal documents necessary to the home sale transfer.  Once all required documents are signed, including the mortgage and note, the clerk will provide their stamp and signature.  This will legally certify the identification of everyone present as well as the signatures on the original loan application.

In addition,  your lender will require you to produce your down payment and, if required, any closing costs.  Payment is generally in the form of a cashier’s check or other certified funds. 

Be sure to review all loan documents at closing or have an attorney present to do so on your behalf.  Focus on the accuracy of the loan term and the interest rate charged.   It’s also important that you confirm that the names and addresses are correct, along with other important information relating to the loan. Any inaccuracies need to be brought to the clerks attention.  Please do not sign loan documents until everything is correct.

Once everything is verified and the loan documents are approved by both you and the lender, it’s time to sign.   Once the documents are signed, the notary public will affix his/her stamp and signature.  They keys to the front door are yours!  Congratulations, you are a home owner.  Whether your focus is  Cherry Hill, NJ homes for sale or any other area of South Jersey, please  Contact me to learn more at Your South Jersey Homebuying Tools.