What happens at closing?

By
Mortgage and Lending with University Lending Group NMLS# 133950

You have worked so hard to get to this day and now you're here!  At the closing, you meet with a title company representative and sign a LOT of paperwork. 

Probably the most important document is one that you do not sign - only the seller does - and that is the deed.  It transfers title from the seller to you.  This gets recorded at the county then the original is returned to you

Next in importance are the note and the mortgage. The note is your promise to repay the loan and the mortgage is what ties it to your home.  The note names the borrower(s) and tells you these things:

  • Interest rate
  • The amount you are borrowing
  • The dates when you must make payments
  • The length of time for repayment

The mortgage puts your house as collateral for the loan and tells you what will happen if you don't make your payments.  This document is recorded at the county.

You'll notice that the closing disclosure looks a lot like your Lending Estimate from the very beginning of the mortgage process.  This lays out all the fees you'll be paying.

The loan application.  You may not agree with the numbers but they match up with the documentation in your file so don't worry about that.  

There are many others but the title company closers are very good at explaining each one.

You will likely notice that you attest multiple times that you will occupy the property unless your loan has been set up as a rental property or a second home.

Have fun and celebrate!  This is a big deal. Thank you so much for choosing my team to lead you through the process.

 

Posted by

Peggy Wilson

License #13950

734.238.3MTG (684)

peggy@peggyloans.com

Comments (2)

John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Hello Peggy Wilson very good report about what happens at closing.

Aug 13, 2021 02:05 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Peggy, great post from the lender's perspective, and one I should reblog down the road.

Aug 13, 2021 03:28 PM
Peggy Wilson

Be my guest!  Just make sure that everything is still accurate - change is a constant in this business!


 


Peggy

Aug 17, 2021 11:41 AM