role as a mortgagor at the time of closing

Guest 0.10 Dollars($)

As a mortgagor what function I must play at the time of closing?

Samantha · Posted: Tue Nov 15, 2005 2:32 pm Post subject:

Hi Lopez,

It is good to see that you are concerned about the closing procedure from the beginning.
Actually you should keep yourself prepared for the closing process. At the time of closing the attorney should ensure that the title is clear of liens and gathers the insurance binders, the terminate letter and the title insurance.

You should keep your self protected as the lender will be doing the same. You should be aware of the closing costs and ensure that the lender has explained and given you all the paper work mentioning the amount of money required at the time of closing.

Consult always with your attorney to be on a safe side.

Hope this information will help you. You can refer this section on loan closing for some more.

God bless you.

For MortgageFit,
Samantha

Guest 0.10 Dollars($)

Can the loan closing costs be included in the loan amount?

Cliff · Posted: Tue Nov 15, 2005 2:53 pm Post subject:

Hi Gina,

Yes, the closing costs can be included in the loan. You would want to make sure you tell your Broker or Loan Officer that you do not want to pay out of pocket expenses and want it all included in your loan. It should not be a problem.

Samantha · Posted: Tue Nov 15, 2005 3:00 pm Post subject:

Hi Gina,

Actually you can not finance your closing costs into the loan amount during a purchase transaction.

But you ask your personal mortgage advisor as some lenders provides with some special programs under which you may be allowed to finance a part or full closing costs by agreeing to a slightly higher interest rate.

Hope you will benefit from this information.

God bless you.

For MortgageFit,
Samantha

Guest 0.10 Dollars($)

Hi Gina,

At the time of refinancing also, you may be able to refinance your closing costs partly or fully.

Tim

Samantha · Posted: Tue Nov 15, 2005 4:06 pm Post subject:

Hi Tim,

Thanks for the additional information.

God bless you.

For MortgageFit,
Samantha

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