If I am closing tomorrow on my home loan, what should I expect? Depending on whether it is a refinance or a purchase will determine exactly what you should expect. With a refinance loan you will have a 3 day right of rescission to make sure you are completely satisfied with the terms of the loan before the loan funds. However, with a purchase the funds will normally be distributed right after all of the docs are signed and the mortgage is recorded. Many times this is the same day, but sometimes it is the next day. Therefore, when your loan funds is one main difference between a refinance and a purchase that you should be aware of when you are closing tomorrow.At a purchase closing there are two closings. The closing on the real estate purchase contract and the closing on the mortgage. You will sign numerous disclosures and paperwork at the closing.
If you are bringing funds to closing, be sure to ask the title company or settlement attorney to whom you need to make out your cashier's check and the exact of amount needed. For a purchase,it is a good idea idea to round up the figure of cash to close by $500 or so. The closing agent can issue you change if necessary. This can cover any minor changes if needed.
Be sure to bring your driver's license or other valid photo ID to the closing! The closing agent will need to verify that you are the same person whose name is on the loan documents.
Be sure and look over all the closing documents and make sure the interest rate and terms of the loan are the same as what was quoted to you at application. Also note any fees that are being charged. You should not see any additional fees added onto the final documents.
Bring your initial Good Faith Estimate signed with the RESPA package to your closing and compare your costs on the GFE to the HUD statement. This will ensure there are no added or "hidden" fees.
