Once your loan is approved, you will be ready to take the final step that will lead to the door of your new home. Many homebuyers are intimidated by the closing process, but it’s not as complicated as you may think. In fact, finding the right home is much more difficult than closing the deal. Making It Official The closing process begins with the borrower and lender meeting in the presence of a notary public. This is a person who is authorized to oversee, create or certify contracts, deeds and other legal documents. At the conclusion of the signing, the notary public will provide their stamp and signature, which certifies the identification of everyone present and the signatures on the loan application. Handing Over The Cash When you meet with the lender to close the loan, you will be required to produce your down payment and, if required, the closing costs. Ask your lender about acceptable payment methods, which may include a cashier’s check or other certified funds. If you have an account with the lender, a personal check may be accepted in some circumstances. Review The Loan Documents At closing, this will be your final opportunity to review the […]
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A mortgage broker’s job is to match you with a mortgage company that can offer you the best terms on your home loan. Most brokers work with a list of companies and can consider a variety of options for you. Do you really need a broker, or is it better to do the legwork yourself to make sure you get the best rate? There are a few things to consider. Do You Have The Time? It’s a good idea to shop around for the best rate on your mortgage, and not everyone has the time to look at various companies and compare them. A broker handles some of that work on your behalf. For those who are looking to get approved for a mortgage quickly and don’t have the time to look around and see which is the best lender for their needs, a broker might be a good idea. No One Checks Everywhere Most brokers have a set list of companies they work with in order to check rates and loan terms. They usually have a relationship with those companies and know enough about them to make a good call as to which might work best for you. Of […]
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