What happens at the loan closing?
Will I need to have an attorney represent me at closing?
Can I get advanced copies of the documents I will be signing at closing?
Who will be at the closing?
Can I make my monthly payments with an automated debit from my checking account?
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The closing will take place at the bank with your Lender or the office of a title company in your area who will act as our agent. If you are purchasing a new home, the seller may also be at the closing to transfer ownership to you.

During the closing you will be reviewing and signing several loan papers. The closing agent oconducting the closing should be able to answer any questions you have or you can feel free to contact your Lender if you prefer.

Just to make sure there are no surprises at closing, your Lender will contact you a few days before closing to review your final fees, loan amount, first payment date, etc.

The most important documents you will be signing at the closing include:

Closing Disclosure

This document provides an itemized listing of the final fees charged in connection with your loan. If your loan is a purchase, the closing disclosure will also include a listing of any fees related to the transaction between you and the seller. If this loan will be a refinance, the closing disclosure will show the pay off amounts of any mortgages that will be paid in full with your new loan. Both the buyer and seller must sign this document.

This document provides 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 Loan Estimate 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.

Note

This is the document you sign to agree to repay your mortgage. The note will provide you with all of the 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 making your payments.

Mortgage / Deed of Trust

This document pledges a property to the lender as security for repayment of a debt. Essentially 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 details the responsibilities of the borrower.

If your loan is a refinance, Federal Law requires that you have three days to decide positively that you want a new mortgage after you sign the documents. This means that the loan funds won't be disbursed until three business days have passed. The closing agent will provide more details at the closing.

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Attorneys are not common at a real estate closing. Please contact the closing agent if you have questions about attorney representation. By all means, we recommend that you have an attorney at the closing if it would make you more comfortable. If your attorney has any questions about your new mortgage, please refer them to your Lender. We'd be happy to provide any information necessary.

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The most important documents you will sign at closing are the note and mortgage, sometimes called the deed of trust. Unless there are special circumstances, these documents are usually prepared one to two days before your closing. Other documents are prepared by the closing agent the day before or the day of your closing. If you would like copies of the completed documents to be sent to you after they are prepared, please contact your Lender.

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Under most circumstances, your Lender will be the closing agent for your loan. If needed, a representative from the title company acts as our agent and will represent us at the closing. However, your personal Lender will contact you prior to closing to talk about your final documents and to provide a final breakdown of your closing fees. If you have any questions that the closing agent can't answer during the closing, ask them to contact your Lender by phone and we'll get you the answers you need - before the closing is over!

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Automated monthly payments are available. Please let your Lender know if you are interested in automated payments.


Need Help?

Feel free to contact us at any of our locations.

  • Napoleon 812-852-4002
  • Greensburg 812-663-1903
  • Osgood & Holton 812-689-1806