Step 4: Closing Your Loan
This is it -- the day you close on your new home or re-finance! Once your loan request has been approved:
- Your loan documents package will be prepared by the lender.
- If you are purchasing a house, MainStream orders the title search for you at the time of your application through one of our Title Company partners, who will:
- Search the quality of title to assure there are no outstanding judgments or liens.
- Order the property survey if required.
- Obtain title insurance to protect the lender in the event that there might be any defects of title not recorded at the courthouse. You will be offered an owners title policy at an additional charge.
- Prepare the final closing figures and write checks to all of the different parties at the closing of the transaction and funding of the loan.
- Most home sales contracts entitle you to a walk-through inspection of the property 24 hours before closing to ensure that the seller has vacated the property and/or left it in the condition specified in the sales contract. You should address any issues with your realtor concering your walk through.
- The day before closing, gather all of the paperwork you will need to bring to the closing: proof of homeowner's insurance, drivers license(s), termite reports, and any other information requested by your mortgage company, title company, or attorney. Your Attorney/Title Company will also require you to bring a certified check or official bank check for closing made payable to yourself*.
- You will submit your certified check to complete the transaction. All parties will sign the papers officially closing the deal and ownership of the property will be transferred to you.
*The check is made payable to yourself and endorsed over at closing. This is done in the event that closing is delayed for any reason. This allows you to re-deposit your funds.
If you would like to learn more about the home buying and lending process, access helpful tools or find additional resources, go to Resources & Tools
Click here to receive your free eBook, The Mortgage Handbook, to use as a guide as you begin and work through your mortgage application process, including checklists, worksheets and tips on how to speed up your approval.
Email us or call us at (877) 355-2152 for rates, free qualifications, general information, or to apply!
