What to expect when you close on your Lake Charles Home
Your loan officer will notify you when you have final loan approval for your home purchase. The last step in your home buying process is getting to the finish line at the closing table. The loan officer will notify the closing agent at the title company that you are “clear to close”. All parties will be contacted to coordinate a time and date to sign the deed documents at a Title Company or Attorney office. Afterwards the executed documents will be filed at the courthouse transferring ownership.
As a home buyer you will also sign your loan documents at closing and your mortgage is also filed at the courthouse. As buyer, you will be informed of the amount you need to bring to closing in the form of a certified check made out to the title company. This amount usually represents your down payment and any out of pocket closing costs incurred. You will also be asked to bring your driver’s license as a form of ID. In the closing the closing agent will go over the closing statement and your loan document package which you will sign. Once you have completed all the paperwork you receive the keys and documents to your new home!
With so many variables involved in a closing, there can be last minute delays that extend the date of a closing. Many times this is due to the loan documents being delayed. The lender can require last minute conditions prior to issuing a clear to close. Buyers and sellers should have a plan in place should a delay occur so they do not end up temporarily homeless! You should try to time your move to coincide with your closing date.
New disclosure laws in effect since October 2015 (TILA-RESPA) require a 3 day waiting period on the closing statement. If any changes have to be made to the closing statement, closing may be delayed due to the 3 day waiting period being re-instated again.
Copyright 2014© Marilyn Boudreaux
Marilyn Boudreaux, REALTOR® 337-499-9592
Century 21 Mike D. Bono & Co.’s
4410 Nelson Road
Lake Charles, LA USA 70605