Cocoa Beach real estate, Cocoa Beach homes, Cocoa Beach realtors, Cocoa Beach investment properties, Brevard listings, cocoa beach property for sale, cocoa beach homes for sale, cocoa beach vacation homes, cocoa beach relocation, cocoa beach hud homes, cocoa beach foreclosures, cocoa beach waterfront homes, Cocoa beach florida real estate, cocoa beach ocean homes, cocoa beach condos, Cape Canaveral homes for sale, condos by ron jon, condos by cocoa beach pier, Florida homes, Florida vacation homes, florida properties, florida realtors, florida waterfront homes, florida foreclosures, florida hud homes, florida investment homes, Viera homes, Suntree homes, florida beach investment properties, florida real estate listings, cocoa beach home listings, sell my home, sell my house, buy a house, houses, sell a house, mortgage, home mortgage, beachfront homes, beachfront properties, homes for sale in florida, condos for sale in florida, coco beach real estate, coco beach homes for sale, cocoa homes, cocoa real estate, cocoa condos, cocoa listings, cocoa houses for sale, houses for sale in cocoa, Coldwell banker cocoa beach, crystal edgerly florida, crystal edgerly, crystal edgerly cocoa beach, crystal edgerly nj, new construction in Brevard county, direct water condos for sale in florida, good deal condos, steal condos, florida relocation specialist, cocoa beach relocation, pool homes, golf course homes in florida, Coldwell banker cocoa beach realty, cocoa beach short sales, florida short sales, fixer-upper homes for sale, fixer-upper homes, investment deals, bank owned homes, cocoa beach townhomes, cocoa beach duplexes, cocoa beach efficiencies, full service listing agent, superior service realtor
|
|
|
| What About The Closing? |
What happens at the loan closing?
The closing will take place at the office of a title company or attorney in your area who will act as our agent. If you are purchasing a new home, the seller may also be at the closing to transfer ownership to you, but in some states, these two events actually happen separately.
During the closing you will be reviewing and signing several loan papers. The closing agent or attorney conducting the closing should be able to answer any questions you have or you can feel free to contact your Mortgage Advisor if you prefer.
Just to make sure there are no surprises at closing, the closing agent will contact you a few days before closing to review your final fees, loan amount, first payment date, etc.
The most important documents you will be signing at the closing include:
HUD-1 Settlement Statement-
This document provides an itemized listing of the final fees charged in connection with your loan. If your loan is a purchase, the settlement statement will also include a listing of any fees related to the transaction between you and the seller. If this loan will be a refinance, the settlement statement will show the pay off amounts of any mortgages that will be paid in full with your new loan. Most items on the statement are numbered according to a standardized system used by all lenders. These numbers will correspond to the numbers listed on the Good Faith Estimate that will be provided in your Important Mortgage Information package. This document is also commonly known as the closing statement and both the buyer and seller must sign this document.
Truth-in-Lending Statement (TIL)-
This document provides full written disclosure of the terms and conditions of a mortgage, including the annual percentage rate (APR) and other fees. It is exactly the same as the TIL that you received immediately after your initial application, except it has been updated to reflect the final rate and fee information. Federal law requires that all lenders provide you with this document at closing.
Note-
This is the document you sign to agree to repay your mortgage. The note will provide you with all of the details of your loan including the interest rate and length of time to repay the loan. It also explains the penalties that you may incur if you fall behind in making your payments.
Mortgage / Deed of Trust-
This document pledges a property to the lender as security for repayment of a debt. Essentially this means that you will give your property up to the lender in the event that you cannot make the mortgage payments. The Mortgage restates the basic information contained in the note, as well as details the responsibilities of the borrower. In some states, the document is called a Deed of Trust instead of a Mortgage.
If your loan is a refinance, Federal Law requires that you have three days to decide positively that you want a new mortgage after you sign the documents. This means that the loan funds won't be disbursed until three business days have passed. The closing agent will provide more details at the closing.
|
Will I need to have an attorney represent me at closing?
In some areas of the country it is very customary, and sometimes required by law, to have an attorney represent you at the closing. In other areas, attorneys are not as common at a real estate closing. Please contact the closing agent if you have questions about attorney representation. By all means, we recommend that you have an attorney at the closing if it would make you more comfortable. If your attorney has any questions about your new mortgage, please refer them to us. We'd be happy to provide any information necessary. |
Can I get advanced copies of the documents I will be signing at closing?
The most important documents you will sign at closing are the note and mortgage, sometimes called the deed of trust. Unless there are special circumstances, these documents are usually prepared one to two days before your closing. Other documents are prepared by the closing agent the day before or the day of your closing. If you would like copies of the completed documents to be sent to you after they are prepared, please contact your Mortgage Advisor. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
