3 Things to You Can Expect When Closing with Your Lender

Purchasing a home can seem daunting, especially if you don’t know what to expect. The closing often seems especially overwhelming for new buyers. Instead of dreading the experience, prepare by looking at these three things you can expect to happen when closing with your lender.

#1: Where the Closing Takes Place

Most loan closings take place at a title company’s office or at the lender’s office. The people who may be present at the closing include your realtor, the seller and the seller’s realtor, the title company representative or closing agent, and a representative from the lending company.

#2: The Documents

During the closing, you will review and sign all of your loan documents. When you’re buying a home, this can be a lot of documents! Be prepared to sign your name many times on many pages. Be sure you ask any questions you have during the process and understand all of the terms of each document you’re signing. The documents will include a deed of trust, a promissory note, and a closing disclosure.

#3: The Funds

Once you sign all of the documents, your lender will distribute the funds to the seller, and the home will be yours, along with the mortgage loan. You may be responsible for:

• Closing costs
• Loan origination fee
• Down payment
• Homeowners insurance payment
• Title insurance premium
• HOA fees

If you’re purchasing a home, you’ll want all the information you can get.  Contact the Midland Mortgage Corporation professionals today for all the information you need to get you from dreaming of a new home to the closing. 

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