Your Will County & Chicagoland Mortgage Closing: What You Can Expect

Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI


Your Will County & Chicagoland Mortgage Closing: 
What You Can Expect



     You've gone through Mortgage Pre-Approval ... the Mortgage Application itself ... the verifying of employment(s) and savings accounts ... the documentation needed ... and  Underwriting.  You've complied to every request presented to you.  Answered every question.  Dotted every "i" ... crossed every "t".  

     Gulp!   Now what?

     The Mortgage Closing.   The culmination of all your hard work and what you have been planning for over the previous months!

     Just how do you determine when your Closing should take place though?  Well, first ... a date has been set and agreed to within your  Real Estate Sales Contract.  If your mortgage processing went reasonably smooth, you will be closing on or close to that date.  

     But there are other important considerations as well.  Ever hear the old saying, "timing is everything?"  Well, in Closings that can be very true. So WHEN  you close ... the day chosen can determine much.  The amount of money you must bring to the Closing table (known as pre-paid interest) is certainly determined by which day of the month you Close. 

     HOW?  A date set later in the month translates to lower closing amounts due at Closing, as prepaid mortgage interest costs accrue from the date of Closing up to the beginning of the next month.  This fact explains the high number of Closings you find set at the end of each month.  And just why it's sometimes harder to set a Closing appointment last minute during that time.  

     But most likely your Mortgage Lender will try to avoid setting a Closing date too late in the month also.  Should problems arise, they might cause a postponement or delay and that increases the chance of being re-scheduled at the beginning of the next month.  As pointed out above, that can be costly. If possible, a date that affords you some flexibility will be chosen for your benefit. 

     So what happens during your actual Mortgage Closing?  

     That can depend on where you are buying.  Each state (or  local municipality) determines its own method and requirements for closing a loan.  

          For those in Illinois/the Chicagoland region, Closing typically means the following:

     What the Borrower(s) Need to Bring:

     *  Funds to Close:  Either a  Cashier's Check  (typically payable to the Title Company) - or - a Wired (Electronic Transfer) from the Borrower's bank to the Title Company's bank.  Please note:  Amounts $50,000 and over due at Closing must be wired in (State Law).    
     *  Photo ID's  (typically active Driver'sLicense or State-issued ID.  Acceptable:  Passport)
     *  Proof of  Homeowner's Insurance  coverage (Declaration page), along with proof of the 1st year's payment, has typically been provided prior to your Closing/Closing date being set, when closing through American Portfolio Mortgage Corp./my services.  But in other instances, this is an important requirement for Closing day.  So make sure you have this information and document with you at this time.

     WHO attends:  (Note: In our Chicagoland area, many of the Closings take place at title companies.  But Closings are possible, through my services, in other locations, including your home or place of employment.) 

     *  All Borrowers on the loan (and sometimes the spouse not on the loan) 
     *  Attorney(s) for Buyer and Seller
     *  Realtors for Buyer and Seller
     *  The Loan Officer (part of my personal mortgage services)
     *  Title company Closing Agent
     Seller(s), if still living in the property  

      What documentation will be signed:

     *  The  title company  prints and prepares the Lender's Closing Package and Settlement Statement in a concise packet, typically reviewed by the Borrower(s)' Attorney, and signed by the Borrower(s) after each form is explained.  

     The four most important documents are: 

     *  The Settlement Statement  (HUD1)
     *  The  Truth-in-Lending Disclosure  (TILA)
     *  The  Note
     *  The  Mortgage

     and various others ...

     How much time will the Closing take?

     Mortgage Closings take longer than they did in the past.  Depending on the efficiency of the Closing Agent, title company, attorney(s), real estate professionals, Mortgage Lender involved, and the Borrowers themselves ... participants should be prepared to set aside a minimum of 1 to two hours for the signing of documents and Closing procedure.  

     After all documents have been signed, the Borrowers receive the keys to their new home.  (Agents (and I) strongly suggest for safety reasons that upon moving, new owners change all the locks to their home.)

     Although you have now successfully completed the actual Closing portion on your new home transaction and mortgage financing, there is still one very important facet of your financing to be explained.  How to make your mortgage payments.

     Your  Mortgage Lender  will explain when your first payment is due (and subsequent payments) and how to make your first payment.  Within the paperwork you receive at your Closing, you receive a coupon providing you information and an address as to when and where your first mortgage payment should be sent.  

     Should your loan be sold at any time in the future, you will then be provided with the name, address, and terms of payment with the new loan servicer.  Be aware that the new loan servicer must honor all the terms and conditions of the original mortgage agreement you signed at your Closing.

     Your Mortgage Closing:  What You Can Expect.  The above info covers the typical Closing that takes place in the Chicagoland and Will County (IL) area.  Please remember, that all real estate ... including its business and transfer ... remains local.  The Closings and procedures conducted in your area may vary from what is foundhere.  Please ask your real estate professionals to clarify what differences may take place within your specific locale.      

*  Dreaming of buying a home or refinancing within the  New Lenox, Will County, Chicagoland region?  Contact me!  I will put my 36 years of mortgage experience and expertise hard to work on your behalf.
     I can be conveniently found at any of the following:

                                                    Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281  



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Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL.  

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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656


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Comments (11)

Lenn Harley
Lenn Harley,, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland



Things are a bit different here. 

All borrowers on the loan.  YES. 

Attorney(s) for Buyer and Seller.  NO.  We are not attorney states.

Realtors for Buyer and Seller.  About 80% of the time for seller’s agents and 95% of the time for Buyer’s Agents.

The Loan Officer,  Rarely attends.  I do want them on call. 

Title company Closing Agent.  Of course. 

Seller(s), If they need to sign.

Feb 12, 2013 06:08 AM
Anna Banana Kruchten CRS, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ

Gene great post for what to expect at closing in your area.  Like Lenn said it's a bit different in my area as well.  We don't use attorney's for closings. I've never seen a selling agent at closing nor is it common for buyers agents to attend.  Although I try to for as many as possible.  Loan officer - not so much.  Sellers and buyers sign at different times.  It's interesting to see how it's done in other states.   Really good information!!

Feb 12, 2013 07:07 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Lenn:  Funny how traditional services in one location are foreign in another.  And I choose to attend my Closings, if at all possible.  I don't feel my job is done until the Closing is successfully completed .. and I feel my attendance has proven beneficial in instances and kept a deal from veering off course.  Just my personal preference and comfort level regarding my own services, I guess.  

Anna:  No matter the location, it's important to be educated about the process where you're buying.  I'm hoping that my post shows that THAT education is important and what I advocate.  And I think it proves you must find and rely on the services of the professionals you chose to work with.  Their guidance and insight is so vital to your success ...


Feb 12, 2013 07:21 AM
Nick T Pappas
Assoc. Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, Broker/Providence Property Mgmnt, LLC Huntsville AL - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

Gene, I am aware of how things are typically done in Illinois (I do have an Illinois Managing Brokers License) and yes, the ways of doing business does vary.  Here in Alabama the closing usually takes place with a closing attorney representing the lender.  Good loan officers are in attendance, but not Ann said...I like them at least on call.  Generally with new construction the seller does not by case.  The process takes about an hour...the longest closing I attended here was about 3.5 hours because the buyer read every word of every document he signed....I didn't mind, but the closing attorney and sellers had a problem, because of back to back closings.  Great info for buyers and sellers...Suggested!

Feb 12, 2013 07:55 AM
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Gene -Thank you for the very good information about what we can expect on mortgage closing.

Feb 12, 2013 08:23 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Nick:  Very interesting to find what is tradition and expectation in differing areas of the U.S.  And it's good to know that you have your license in IL too.  You just never know .. right??

John:  You're welcome!  Hope it proved beneficial ...


Feb 12, 2013 09:59 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Yes, like the above comments, we rarely have the loan or bank representatives in attendance at our closings.

Feb 12, 2013 07:53 PM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Gabe:  Interesting for me.  I'm surprised that more aren't in favor of Lenders being in attendance, given the current issues surrounding lending.  I guess it's all what you're used to ...


Feb 13, 2013 02:16 AM
Evelyn Santiago, Managing Broker Heart Realty Group, Inc.
Heart Realty Group, Inc.. - Oswego, IL
Passionate About Real Estate & Our Clients!


Great information on mortgage closings in the Chicagoland area.  Since we prefer that attorney's are involved in closings it's not a requirement but we are more comfortable when they handle this section at the title company.


You are one of the few lenders that actually show up at closing which can be a lifesaver if anything breaks down as things have a tendancy to do in today's environment.  Have marked it and sent to a potential buyer to give them an idea what to expect when they close.

Always interesting to hear about how closings are handled in other parts of the country.

Feb 13, 2013 04:33 AM
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

We don't use an attorney down here in normal situations, simply a title company and the loan officer never attends............I have yet to see that happen.

Feb 13, 2013 04:56 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Evelyn:  Thank you so much for your kind and gracious words.  You know that I always enjoy and look forward to working with you and your clients.  Hoping that we find ourselves in that situation once again soon.  I appreciate you passing the post on to your client and hope you always feel free to do so again and again in the future.  Talk soon ...

Barbara-Jo:  I guess I have my own expectations regarding the service level I think I should offer and perform.  I wouldn't feel right about missing a Closing, in most cases.  And I have seen where it served a purpose for me to be in attendance.  In Chicagoland attendance is not rare, though not all lenders choose to be at Closing.  Funny how differing regions have such different expectations and traditions ..


Feb 13, 2013 10:43 AM