Frequently Asked Questions

What happens at the loan closing?

To ensure there are no surprises at closing, your Loan Processor will send you an estimated closing statement prior to your scheduled signing appointment so you can review your final fees, loan amount, first payment date, etc.

On a purchase transaction, the closing will take place at the office of your closing agent or Title Company (usually, a mobile notary is possible if you are not local). On a refinance transaction, a mobile notary will be sent to the location of your choice. You will be reviewing and signing several loan documents. The most important documents include:

  • Note: This is the document you sign to agree to repay your mortgage loan. 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 or Deed of Trust: This document pledges your property to the lender as security for repayment of the debt. The Mortgage restates the basic information contained in the note, as well as details the responsibilities of the borrower.
  • Application: Ensure this application is correct, only sign if so.
  • Closing Disclosure (from Empire) & Escrow Settlement Statement (from the Escrow/Title Agent): These will show the same final figure, whether it is cash-out to you or funds required to close. Please use these documents to identify closing costs (if any), payoff amounts & pre-paid charges are correct.
  • Right to Cancel Form: If your loan is a refinance of a primary residence, Federal Law requires that you have three 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 three days have passed (excluding Sundays and Federal Holidays). This is displayed to you in the Right to Cancel form, where it indicates what the last day to cancel would be, which depends on the day you sign your formal loan documents.