December 21, 2013

The Loan Process - Step 6 The Closing

After your loan is approved, you will be required to sign the final loan documents, also known as the closing. This will normally take place at an attorneys office or in the presence of a notary. Be prepared to:
  • Bring a cashiers check for your closing costs. Personal checks are normally NOT accepted.
  • Review the final loan documents with your attorney. Make sure that the interest rate and loan terms are what you were promised. Also, verify the accuracy of the name and address on the loan documents.
  • Sign the loan documents. The closing agent/notary will require that you have your picture ID with you. Some lenders also require seeing your Social Security card.
Your loan will normally close shortly after you have signed the loan documents. On refinance and home equity loan transactions, federal law requires that you have three days to review the documents before your loan transaction can close. Purchase transactions do not have a three-day rescission period.
Congratulations - You are Now a Homeowner!!!

Written By: Akim R. Smyer, Real Estate Associate Broker - Coldwell Banker Residential Brokerage