Tag: Closing On A Home

Loan Estimate: &nbsp;The loan estimate will include the terms of the loan, the interest rate and detailed closing costs. You will be expected to verify that all the information in the document is correct.
Closing Disclosure: &nbsp;This will outline the details of your mortgage, and you will be able to see the document before the closing, so any changes can be made if necessary.
Escrow Statement: &nbsp;The statement will detail the payments that will be made from the escrow account during the first year of the mortgage from your lender. It will include taxes and insurance.&nbsp;
Mortgage Note: &nbsp;This is your promise to repair the mortgage and what steps the lender can take if you fail to make payment.&nbsp;
Deed: &nbsp;The deed to the property will provide the lender's claim against your home if you fail to pay.&nbsp;

Posted on 12/31/2020

Image by S K from Pixabay Buying a new home can be an exciting experience. Unfortunately, the closing can seem a little daunting if you are unsure about what to expect during the closing process. Below is a simple guide as to what you can expect during the closing of your first home. Knowing How Long the Process...

Closing On A Home

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IDX information is provided exclusively for consumers' personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data deemed reliable but not guaranteed accurate by the MLS. Based on information provided to and compiled by SmartMLS. Data last updated: 11/22/2024 03:43 PM