Every day Century 21 M&M Realtors close home sales in Northern California. And, today is your day! You have found the home, obtained the mortgage, and the time has come… the lender wants you to sign some papers. This is called a loan closing – so what can you expect and how do you prepare for a loan closing?
Should you bring anyone with you?
Unless you have a working knowledge of real estate and finance, it’s a good idea to bring someone with you who does. This could be your Century 21 M&M Realtor, an attorney, an accountant – any person who knows the ropes and will put your interests first.
You may have many questions about the loan documents, however, the person handling the closing may not know the correct answers, or may be unwilling to advise you on legal matters.
If you aren’t sure about something, it’s a good idea to wait until you can get an answer that satisfies you. However, if the loan is part of a purchase, waiting may jeopardize the transaction, in fact, it may even jeopardize getting the financing.
What should I bring to the Loan Closing?
Ahead of time you will be advised by the person conducting the loan closing. You may need your checkbook or a cashier’s check, maybe some documentation such as – W-2 forms, bank statements, paycheck stubs, etc.
Whatever you are asked to bring, be sure to bring it. Otherwise, the loan closing maybe delayed for days, resulting in additional charges.
What should I challenge?
It’s a good idea to carefully read the fees and charges. You should have been made aware of these fees in the Good Faith Estimate when you applied for the mortgage. If you find anything out of line, it’s a good idea to bring it to the Loan Closer’s attention.
Double check the math, these days with computers mistakes don’t happen often, but they do happen. Check the debits and credits, make sure they are properly given. Point out whatever errors you find, it won’t take but a few minutes for a computer to correct and print a new document.
What will I need to sign?
You will be signing a loan agreement for sure, the mortgage, Ancillary documents and a Deed of Trust. Expect that every form will be explained to you, however, it is important to read everything, no matter how small the font or how insignificant the material appears to be. If there is a clause in there that you have not previously agreed to, have the clause deleted and initialed on the spot.
So rest assured, your Century 21 M&M Real Estate agent will be with you every step of the way, from Pre-Approval all the way to Loan Closing. Call a Century 21 M&M Realtor today at (800)350-1548 to get started on the path to buying a home.