Closing on a home is a complex process. We can clarify the process and let you know what to expect. Please explore the documents below for everything you need to know about closing.
When your home is complete, a closing will be scheduled for you to sign the final paperwork for your new home. The closing will be at the following location:
The Closing Process
This document provides a flow chart of the closing process and the documentation required for closing. CLICK HERE TO VIEW
Buyer’s Estimated Closing Costs
This chart will give you a good idea of the estimated closing costs you will be responsible for at your closing. CLICK HERE TO VIEW
Final Truth-in-Lending Statement (TIL)
A full written disclosure of the terms and conditions of a mortgage, including the annual percentage rate (APR) and other fees. It is exactly the same as the TIL that you received immediately after your initial application, except it has been updated to reflect the final rate and fee information. Federal law requires that all lenders provide you with this document at closing. CLICK HERE TO VIEW
HUD-1 Settlement Statement
An itemized listing of the funds that are payable at the closing of a mortgage loan. Items that may appear on the statement include commissions, recording fees and other fees associated with your loan, i.e., points, appraisal costs and escrow amounts. Most items on the statement are numbered according to a standardized system used by all lenders. This document is commonly known as the “closing statement” or “settlement statement” and both the buyer and seller must sign this document. CLICK HERE TO VIEW
You sign this document to agree to repay a loan. The note will provide you with details of your loan, including the interest rate and length of time to repay the loan. It also explains the penalties that you may incur if you fall behind in your payments.
This document pledges a property to the lender as security for repayment of a debt. This means that you will give your property up to the lender in the event that you cannot make the mortgage payments. The mortgage restates the basic information contained in the note, as well as detailing the responsibilities of the borrower.