What happens at the loan closing?
Will I need to have an attorney represent me at closing?
Can I get advanced copies of the documents I will be signing at closing?
Who will be at the closing?
I won't be able to attend the closing. What other options are there?

What happens at the loan closing?
The closing will take place at the office of a title company in your area who will act as our agent.

During the closing you will be reviewing and signing several loan papers. The escrow officer conducting the closing can answer any questions you have about the process or documents.

To make sure there are no surprises at closing both myself and the title company will contact you a few days before closing to review your final fees, loan amount, first payment date, etc.

The most important documents you will be signing at the closing include:

HUD-1 Settlement Statement
This document provides an itemized listing of the final fees charged in connection with your loan and closing. The settlement statement will include a listing of any fees related to the transaction between you and the seller. Most items on the statement are numbered according to a standardized system used by all lenders. These numbers will correspond to the numbers listed on the Good Faith Estimate that will be provided in your application package by your lender. This document is also commonly known as the closing statement and both the buyer and seller must sign this document.

Truth-in-Lending Statement (TIL)
This document provides full written disclosure of the terms and conditions of a mortgage, including the annual percentage rate (APR) and other fees. It is exactly the same as the TIL that you received immediately after your initial application, except it has been updated to reflect the final rate and fee information. Federal law requires that all lenders provide you with this document at closing.

Note
This is the document you sign to agree to repay your mortgage. The note will provide you with all of the details of your loan including the interest rate and length of time to repay the loan. It also explains the penalties that you may incur if you fall behind in making your payments.

Deed of Trust
This document pledges a property to the lender as security for repayment of a debt. Essentially this means that you will give your property up to the lender in the event that you cannot make the mortgage payments. The Mortgage restates the basic information contained in the note, as well as details the responsibilities of the borrower.

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Will I need to have an attorney represent me at closing?
In short, no. Please contact the escrow officer if you have questions about attorney representation. By all means, I recommend that you have an attorney at the closing if it would make you more comfortable.

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Can I get advanced copies of the documents I will be signing at closing?
TopThe most important documents you will sign at closing are the note and mortgage, sometimes called the deed of trust. Unless there are special circumstances, these documents are usually prepared one to two days before your closing. If you would like copies of these completed documents to be sent to you after they are prepared, please contact one of our Member Service Representatives. Other documents are prepared by the closing agent the day before or the day of your closing.

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Who will be at the closing?
The escrow officer acts as our agent and will represent us at the closing. However, I/you lender will contact you prior to closing to talk about your final documents and to provide a final breakdown of your closing fees. I attend all of my closing to offer support and answer questions as needed. I also work with your lender to ensure that they are present to answer any questions concerning your loan.

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I won't be able to attend the closing. What other options are there?
If you won't be able to attend the loan closing, we can set up a remote signing. If someone you trust is able to attend on your behalf, you can execute a Power of Attorney so that this person can sign documents on your behalf. In other cases, we're able to mail you the documents in advance so that you can sign them and forward them to the title company. I will work with you to find a solution that will work in your circumstance.