Posted on: 18th Dec, 2007 07:19 am
Hi All,
Can someone explain how the procedure goes to schedule for Closing with (lender, Closing Attorney & Borrower). What are the important factors that we need to look into before scheduling for closing?
Thanks,
Purna
Happy Christmas :D
Can someone explain how the procedure goes to schedule for Closing with (lender, Closing Attorney & Borrower). What are the important factors that we need to look into before scheduling for closing?
Thanks,
Purna
Happy Christmas :D
thank you for the christmas greeting, purna. i hope this is helpful.
your purchase agreement should have mentioned a proposed closing date. that, of course, is no guarantee; but should give you some guidance to begin with. as for the overall procedure, you should first be certain that you have submitted all documented requested of you to the lender. that includes the purchase of homeowners' insurance, if applicable; and the evidence of the policy.
you will obviously want to communicate with the closing attorney as to the date on which you wish to close, and it is simply a matter of coordination between all parties to reach a mutually satisfactory date. the attorney is going to have to have time to do title work on the property - search title, render the title package to the lender, etc. that is typically not a strenuous task, so the timing ought to work out beneficially.
the most important factor is your readiness, of course. you didn't indicate if this is a purchase transaction or a refinance, but all purchases have to be conveniently scheduled for the seller of a property as well. as for refinance transactions, it is all pretty much up to you.
your purchase agreement should have mentioned a proposed closing date. that, of course, is no guarantee; but should give you some guidance to begin with. as for the overall procedure, you should first be certain that you have submitted all documented requested of you to the lender. that includes the purchase of homeowners' insurance, if applicable; and the evidence of the policy.
you will obviously want to communicate with the closing attorney as to the date on which you wish to close, and it is simply a matter of coordination between all parties to reach a mutually satisfactory date. the attorney is going to have to have time to do title work on the property - search title, render the title package to the lender, etc. that is typically not a strenuous task, so the timing ought to work out beneficially.
the most important factor is your readiness, of course. you didn't indicate if this is a purchase transaction or a refinance, but all purchases have to be conveniently scheduled for the seller of a property as well. as for refinance transactions, it is all pretty much up to you.
and i neglected to say this: i wish for you a happy Christmas as well, Purna.
Well put
Hi Puma. From your post, I can't tell if you are the borrower. If you are, your mortgage broker should be able to answer all your questions in great detail. One important consideration is to make sure that if you are indeed the borrower, that you close in time so you don't lose the loan lock. Your lender can explain this to you if you're unsure. Also, if you are the buyer, make sure you have your down payment and closing costs liquid so that you can bring a cashier's check when you sign off.
I'm in California, and we go through a Title Company to close escrow, so maybe it's different where you are - but where I am, all these questions are very easily answered by the escrow officer, or your lender (mortgage broker).
Good luck,
Rick
I'm in California, and we go through a Title Company to close escrow, so maybe it's different where you are - but where I am, all these questions are very easily answered by the escrow officer, or your lender (mortgage broker).
Good luck,
Rick
make sure that the interest rate is what you contracted for. Check the closing costs on the settlement statement provided by the title company. Also check to see if there is a pre-payment penalty. Since there can be over 70 pages to sign on a mortgage, look for the mortgage note. This will have most of the pertainent information regarding your interest rate, prepayment penalty and the term of your loan. If you have more than 2 weeks before closing and were quoted an interest rate over 5.625 then go to edited for solicitation
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