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?
If I apply, where will the closing take place?
Can I make my monthly payments with an automated debit from my checking account?
How do I lock my rate?
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The closing will take place at the office of a title company who will act as our agent. If you have hired an attorney to represent you, they will likely be attending the closing. If you are purchasing a new home, the seller, along with their attorney and realtor, may be present at the closing as well.

During the closing you will be reviewing and signing several loan papers. The closing agent or your attorney should be able to answer any questions you have. If they are unable to answer your questions, please ask the closer to call your processor at 888-906-6210.

Prior to closing, you will be contacted 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. If your loan is a purchase, the settlement statement will also include a listing of any fees related to the transaction between you and the seller. If this loan will be a refinance, the settlement statement will show the pay off amounts of any mortgages that will be paid in full with your new loan. Most items on the settlement 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 you already received. 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 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 document is the agreement between you and the bank. The Note specifies the amount of the loan, the interest rate and the loan term. You sign the Note and agree to repay your mortgage under the terms you and the bank agreed upon. 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.

Mortgage:

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 some of the basic information contained in the Note, as well as detailing the responsibilities of the borrower.

If your loan is a refinance, Federal Law requires that you have three business days to decide positively that you want a new mortgage after you sign the documents. This means that the loan funds won't be disbursed until the fourth business day after closing. The closing agent will provide more details at the closing.

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Having an attorney at the closing is your choice. An attorney is not required for the loan.

Even if you have an attorney and they come to the closing, you will still need to be present to execute the closing documents.

Your attorney cannot execute closing documents on your behalf.

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Closing documents are usually prepared one to two days before your closing. Other documents are prepared by the closing agent the day before or the day of your closing.

If you would like copies of the completed documents to be sent to you after they are prepared, please contact your Processor to discuss options.

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The title company acts as our agent and will represent us at the closing.

If you are purchasing a home, your attorney and real estate agent (if you are using one) will likely be present. The seller, their attorney and real estate agent, may also be at the closing.

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If you won't be able to attend the loan closing, contact your Processor to discuss other options. Generally, all parties to the loan are required to be present at the closing.

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All Liberty Bank mortgage loans are closed at local title company offices. We will work with you to choose a location that is most convenient for you.

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Automated monthly payments (sometimes called an ACH) are available. If this option is selected prior to closing, you will not be charged a payment processing fee.

At or prior to closing, you’ll be asked to provide the name of the bank where the payments will be coming from, their Routing Number and your account number.

You’ll also be asked to provide a voided check from the account.

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You can lock your rate online at the time of application, or you can float the rate and lock in at a later date.

If you choose to lock in later, you can go to the Loan Status section of our website and lock your rate there.

If you prefer, you can contact us at 888-906-6210 to lock your rate.

If locking through the online application, you may be requested to sign a lock disclosure.

Contact Us


Loan Officers 847.986.8881

Loan Processing 1.888.906.6210

mortgages@libertybank.com

FAQs

FAQs