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The Myths The Application The Processing The Underwriting The Closing
A closing date is scheduled and documents are drawn and dated for the specific closing date.
The closing usually takes place in an attorney's office but it can take place in your home or in the mortgage broker's office.
You will be required to review all documents and sign as appropriate. The attorney will guide you through the process.
If you are refinancing, checks will be cut to pay off all existing liens on the property, pay off all debts ( i.e. credit cards) that you wish paid off or as required by the lender, and any "cash out".
If you are purchasing, checks will be cut for the seller and any realtor representing the seller or the buyer in the transaction.
If you have financed your closing costs (as most people do), you do not have to bring any money to the closing, otherwise, you will have to bring a check to the closing. Check with your loan officer for details. If you are purchasing, refer to the real estate contract for specifics or ask your realtor or loan officer.
The closing usually takes about an hour and is not nearly as complicated as it sounds. Congratulations! You have completed the process. The first time is always the most stressful. Understanding the process is the key to a stress free loan. Ask your loan officer to guide you through the process and answer any questions and concerns that you might have.
Call 860-225-5731/712-5553
