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:

Closing Disclosure (CD):

This document provides an itemized listing of the final fees charged in connection with your loan. By federal law, we must provide you with a copy of the CD in advance of the closing.  You will have the CD in your possession for at least three (3) business days prior to the closing taking place.

If your loan is a purchase, the CD will also include a listing of any fees related to the transaction between you and the seller. If the loan will be a refinance, the CD will show the pay off amounts of any mortgages that will be paid in full with your new loan. The CD will look very similar to the Loan Estimate (LE) you received early in the loan process and will follow a very similar format and placement of fees.

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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Federal law requires that we provide you with a copy of the Closing Disclosure (CD) in advance of the closing. You must have the CD in your possession for review for three (3) business days prior to loan closing.

Please Note:  Federal law requires lenders to adhere to strict timing requirements and waiting periods between delivery of the CD for your review and the closing of the loan.

If the CD cannot be delivered within the required timeframe or if changes are made after the initial CD is sent, federal law may require that the proscribed waiting period between issuance of the CD and the loan closing be started over.

The remainder of the closing documents will be provided on the day of close at the title office. The closer at the title office should provide you with copies of the documents you sign during closing.

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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, will receive a closing cost credit. Contact your processor to discuss this process and the amount of the credit.

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