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The actual closing process
varies from place to place,
but usually includes the following
steps:
A closing agent (such as an
attorney) reviews the settlement
sheet with you. This document
includes all the final costs
for the purchase transaction
or refinance loan. You then
sign loan documents such as
the mortgage, note and Truth-In-Lending
Disclosure. For a purchase loan,
you provide a certified check
or cashier's check to the closing
agent to cover the down payment
and closing costs. If you're
refinancing, your closing costs
may be paid from cash out of
your new loan.
For a purchase loan, the lender
gives a check for the loan amount
to the bank's attorney. For
a refinance loan, the agent
receives a check for the balance
of your old loan. The "cash
out" from a refinance may
be paid directly to creditors
by the attorney, or you may
be able to receive a check for
this money.
If the monthly payments will
include amounts paid toward
the payment of property taxes
and insurance, the escrow account
is set up.
You receive the keys to your
new home, along with copies
of all the closing documents.
Count
on us to be here for you!
You can rely on Prospect Financial
to provide fast, accurate answers
and assistance through every
step of the loan process. What's
more, you can count on us to
be here for you long after the
loan closes. Contact us any
time for information on your
loan and other services. We're
only a phone call away at 877-468-4728.
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