Close Your Loan
After your loan is approved, the lender will prepare final loan documents for you to sign. You must review the documents prior to signing to make sure that the interest rate and loan terms are what you were promised. Also, verify that the name, address, and all other personal information on the loan documents are accurate. The signing normally takes place in front of a settlement agent who is a notary public.
There are also several fees associated with obtaining a mortgage and transferring property ownership which you will be expected to pay at closing. You may need to bring a cashier’s check for the down payment and closing costs. Personal checks are normally NOT accepted. You also will need to show your homeowner's insurance policy, and any other requirements such as flood insurance, plus proof of payment towards your insurance policies.
Your loan will normally fund shortly after you have signed the loan documents. On refinance transactions federal law requires that you have 3 days to review the documents before your loan transaction can fund if it is an owner occupied property.
