What Happens at a Mortgage Closing?

what happens at a mortgage closing

There are a few steps to complete before you sign on the dotted line.

Misconceptions

As part of the closing process, you'll review several documents to make sure they're correct. According to Ginnie Mae--a government-backed corporation that invests in the mortgage market--you'll receive a settlement statement listing the various closing fees. The seller will provide you with proof the house has been inspected, and the lender will give you a Truth in Lending statement showing the costs of the mortgage.

Preparation

Your lender will expect a certified check from you at the closing covering your share of the closing costs--the seller may pay some of them--and the down payment, Ginnie Mae states. Most lenders won't accept a regular check,

or will hold off on closing until it clears the bank. You will also have to bring proof that you have a homeowners insurance policy.

Function

Features

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    Source: homeguides.sfgate.com

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