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Step 4

Closing your loan is an exciting event - it's one step closer to moving into your dream home! This section will cover what you can expect at the closing table and how to be prepared for your loan closing.

While there are no such thing as a standard closing procedure that is followed in all areas of the country, the outcome of the procedure is standard - you setle tall the financial details associated with the purchase and receive the title to your new home! Reading the information below will help you gain more information about this very important step.

Who is involved at closing?

You, a representative of your lender, or a representative of the title insurance company. The representative of your lender (such as a notary or attorney) is responsible for making sure that all necessary documents are signed and verified and that the money from the sale is properly distributed.

Additionally, you may have your own attorney attend the closing and quite possibily, the seller and any respective agents involved in the sale.

What to bring to closing

As the buyer, you should bring the following documents to the closing, although you may be requested to bring additional documents.

  • Binder for home owners insurance and paid reciept
  • Certified or Cashier's Check for yo urdown payment and closing costs
  • Valid forms of ID
  • Any additional items requested by the lender

How to prepare for a smooth closing

Best way to prepare for a smooth closing is to review all of your closing documents to ensure there are no errors or problems before the closing begins. These documents may include:

  • The Mortgage, a seperate document that you sign at closing pledges your home as security for the loan.
  • The Mortgage Note, your promise to repay your loan that indicates the terms and conditions of your loan and how it will be repaid.
  • The Settlement Statement, created by the Federal Department of Housing and Urban Development (HUD), which itemizes the costs associated w ith the loan.

What to expect during closing

Once the lender's representative verifies that you have the necessary requested documents at hand, he or she will explain each closing document and ask you to sign each of them. The lender's representative or your loan officer can help answer any questions you have, so speak up and don't hesitate to ask.

After all of the documents are reviewed and signed, the lender's representative will be responsible for presenting the checks to the seller, the seller's lender (if there is an existing mortgage on the property), the real estate agents involved in the sale, and any others who may be indicated on the settlement statement.

What happens after the closing?

You've dotted your I's and crossed your T's... what happens next? After you havesigned all the necessary documents and paid your closing costs/down payment - the closing is finished! Your possession date - the day you can move into your home is indicated on the purchase agreement. If your possession date is the same day as your closing, before you leave the closing you will receive the keys to your new home! If your possession is other than the closing date, arrangements will be made to secure the keys on the possession date.

Congratulations, you are a new home owner!

Christopher Murray, Sr. Loan Officer, AVP NMLS #103453
Homeside Financial
4141 Parklake Ave Suite 530, Raleigh, NC  27612
Cell:  (919) 656-8375
cmurray@gohomeside.com
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