Explore the Loan Process

Step 3: Closing

You have been approved and the appraisal has been reviewed! Now it is time to take that final step towards finalizing this transaction. Once the loan has been locked in at a determined interest rate and you are clear to close you will meet with a qualified Settlement Agent at a local escrow company, in a location close to you. Once there, you will review all documentation provided and with the assistance of your Settlement Agent sign where necessary. Below are some of the closing cost items you can expect to see.

Lender Costs

The lender costs may include items such as discount points, processing fees and underwriting fees.

Third Party Costs

These costs include charges paid to other entities for items like title policies, recording fees, notary, and flood certifications. These are items required in order to obtain a mortgage loan. Your Good Faith Estimate that was provided to you earlier will list these items. Just remember that the exact amount that a third party charges may not be known at the time your Good Faith Estimate was prepared.

Prepaid/Escrow Costs

Each year property taxes and hazard insurance needs to be paid. You may choose to pay these items yourself or you may set up an Escrow (or Impound)Account. By doing this, your taxes and insurance are put away in an account created for you to pay these items.

You are Home Free

You are coming down the home stretch. After all closing documents are properly executed your loan should fund and record. You have successfully closed your loan! We are excited to help you in this process whether you are buying or refinancing. Apply today and learn how easy it is!

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