8. At Your Closing

Refinancing an existing loan is more that just about the interest rate.

Home > Home Buying Walkthrough > 8. At Your Closing

You're Almost There!

The day before you’re scheduled to sign your loan papers, you will receive what is called a closing disclosure, which itemizes all the various charges, fees and credits related to your transaction. These costs will also have been provided to you early on in the form of a cost estimate which lists potential charges you will see at your settlement. If there are any questions, speak with your loan officer. You can expect a final closing amount slightly different than originally disclosed, but this is normal. Any new charges you weren’t made aware of initially aren’t your responsibility.

Prior to your closing

You and your agent will visit the property one more time for a final walk-through. During your walk-through, you’ll notice any needed repairs that have been completed. Did the sellers perform the requested actions listed in the sales contract? This is your last opportunity to make sure the sellers agreed to the letter the terms of your contract.

At your closing

Your settlement agent will provide a stack of closing documents for your review, signature and initials. Read through your documents carefully and if there are any questions, now’s the time to ask. Once you’ve signed all your paperwork, you will provide the necessary funds typically in the form of a cashier’s check or bank wire.

The settlement agent returns the signed documents to the mortgage company who will then review all the paperwork, making sure the settlement agent followed the lender’s instructions to the letter. Once the lender has made this determination, the settlement agent is provided a “funding number” which is essentially a code that unlocks the mortgage funds from the lender’s bank.

Your Loan is Closed and You are a Homeowner!

fastrac-logo

Quickly and securely start your mortgage

Previous - 7. Getting Ready to Close Return to Table of Contents

Related Articles

Questions?
Contact us to get your questions answered.
LIVE CHAT
QUESTIONS? CALL US.
1-855-273-9890
 
1819 S. Excise Avenue Ontario, CA 91761
 
|
|
|

|
|
|
© 2018 R M K FINANCIAL CORP. DBA MAJESTIC HOME LOAN
NMLS CONSUMER ACCESS NMLS# 173946.