With negotiations on your purchase finalized, mortgage loan secured and insurance services selected, it is now time to sign all the paperwork and officially close the deal on your new home.
Reviewing the Closing Disclosure
Your escrow agent or title officer will receive a series of instructions from your lender, concerning all paperwork needed to consummate the deal. Once all the required insurances, documents and certifications are acquired, your closing agent will prepare the final loan package. As part of that loan package, the closing agent will prepare a
Closing Disclosure, which is a statement that details your actual closing costs. By law, the
Closing Disclosure must be provided to you three days prior to closing. REVIEW THIS DOCUMENT THOROUGHLY. It is vitally important to review the document and to compare it to the original
Loan Estimate you received from your lender. The closing costs should be very similar to the original estimate. If you see any errors or have concerns about variations in prices between the two documents, report them immediately.
(To learn more about the Loan Estimate and Closing Disclosure, visit www.nat.com/CFPB to download our informative brochure or visit www.nat.com/NATTV )
Preparation for the closing
Finally, you will determine the time and place to close the transaction. Typically, all parties go to the closing table with their real estate agent(s). For situations where all parties cannot be present, consult with your North American Title representative about our extensive options for accomplishing your closing.
When you come to the closing, please bring the following items:
Please allow sufficient time for the closing process, as there are many documents you will be required to sign. Your North American Title agent will walk you step by step through the process, explaining each item in your mortgage package before asking you to sign. Call your local North American Title team if you have any questions before closing.