Closing The Mortgage On Your New Home

Now you have gone through the ordeal of finding and applying for a LOAN. You LOAN has been approved and you are ready to close. First make sure that all conditions to finalize your LOAN have been met. You can help the process move along a lot faster if you organize all the requested documentation and present it all at once.

Once your final conditions are submitted your LOAN documents will be ordered and sent to your escrow company or attorney. You will sign them and provide the escrow final funds needed to close your transaction. In most Real Estate sales are final upon signing except for refinancing. Once all the required documents are signed your LENDER will fund your LOAN upon receipt of any outstanding documentation.

Once the LOAN is funded the escrow will disburse the MONEY to all parties involved. The title of the home will be transferred to your name and all security documents will be issued to the LENDER.

A month or so after you close your LOAN you will get your MORTGAGE bill. Please note that the odds are that your LENDER will sell off your LOAN in order to free up fund to lend to others.