Closing your Home Loan

April 16, 2020 Mortgage Refinance,Mortgages


You have agreed to terms with the seller for your new home, and are now preparing to enter the closing phase. Unfortunately, closing on a house is considerably more complicated than buying a new appliance, or even a car.

The closing process typically takes 30-45 days and requires several preliminary steps before the actual closing day. By the time you reach the actual closing day, the mortgage loan must be secured and approved; escrow accounts are established; home inspections and appraisals have been completed; the title search has been performed and title insurance purchased on the clear title; the interest rate has been locked; insurance has been acquired; and any contingencies such as a low appraisal value and repairs have been addressed.

As the closing day approaches, all of the financial flows and expectations will be finalized. Your closing agent or attorney will prepare a Closin…

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