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Lesson 4: Closing the Loan

Congratulations! You're about to become a homeowner. The "closing" is when the finalized loan documents are signed, and the mortgage funds are paid out. Once your loan is approved and cleared for closing, you and the seller (s) agree upon a mutually convenient date to meet and officially transfer ownership of the home to you.

The closing meeting is typically attended by the buyer (s), seller (s)/building developer, attorneys, real estate agent (s), a representative of the lender and a closing agent.

Here are some things you can do ahead of time to ensure a successful closing:

  • Fulfill any conditions specified at the time of your loan approval.
  • Obtain homeowner's insurance. This required insurance protects you against loss or damage due to theft, fire, or certain weather-related hazards. In some areas, it may also be necessary to obtain flood insurance.
  • Conduct a final walk-through of the home to ensure any agreed upon repairs have been completed by the seller.
  • Review the final estimates of your closing costs.
  • Prepare a certified check or money order - not a personal check - to cover your down payment and closing costs. Make sure you can meet the conditions of your mortgage commitment.

At the closing, you'll receive and review some very important documents. This is not the time to be shy! If you have questions about the paperwork, just ask. And if you spot an error, say so - and don't sign the document until the issue is resolved.

Here are some documents you'll receive or review at your closing:

HUD-1 Settlement Statement - This is an itemization of all funds and costs paid by the buyer and seller either at or prior to closing. If you ask, you have a right to review the HUD-1 in advance of closing.

Truth-In-Lending (TIL) Disclosure- This document provides important information about your loan. It includes the APR, finance charge, amount financed, total of payments, and payment schedule.

Deed of Trust or Mortgage - This document states that Chase receives a lien on your property as security for your loan.

The Note - The note is your binding legal agreement to make payments to the lender according to the terms of your mortgage.

The Keys - The symbol of your new home ownership.


Congratulations!

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