It’s been quite the ride, no? From simply wondering whether or not to buy a home to actually shopping for a property as well as selecting your lender, you might be amazed at the number of plates that have to spin. There are documents to sign and paperwork to complete while your lender orders multiple third party services such as an appraisal, title and credit. There really is a lot going on. But now, your loan has been approved and your loan papers have been delivered to your escrow agent. You now have a scheduled day and time to sign your papers at your closing. What can you expect?
One of the first things your escrow agent will do is prepare your Settlement Statement at least one day prior to your closing.This document reflects the various charges by third parties, your loan amount, your down payment and the earnest money sitting in a credit account. This statement shows not only the various charges but who is responsible for what. At the same time you’re reviewing this statement so is your lender looking for mistakes that might appear. If there are errors, they are corrected and a new settlement statement is sent. You will compare this statement with your original cost estimate. If the lender’s fees are higher than originally disclosed, the lender is responsible for the difference. If there are non-lender fees that are off, they can be up to 10% of the original estimate. If there are any third party services you chose on your own, you’re responsible for the difference.
One of the first things buyers and sellers do when they receive their settlement statement is the “bottom line” number. This is the amount of cash you’ll need to provide at closing. You can wire the funds directly or the escrow agent will accept a cashier’s check.
At your closing your escrow agent will present to you, page by page, the documents needed to be signed and/or initialed. Most of these documents you have seen before when you first applied for a mortgage but these are the “final, typed” documents the lender needs to fund your loan. Once everything has been signed and you have provided the needed funds, the paperwork is electronically delivered back to the lender who will review the documents making sure the escrow officer followed the lender’s instructions properly. Once that determination is made, the lender provides the escrow officer with a numeric code that will unleash the mortgage amount. Your loan has funded and your closing is now official.
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