Your closing should be an exciting day for you and your family, and lenders like Residential Mortgage Corp. work hard to make that happen and take away the intimidation of the closing table. Many homebuyers – especially first-time mortgagors – dread the day of closing. They may have heard “horror” stories from friends or co-workers warning of long waits, tons of documents to read, cramped hands from signing and not-so-good surprises at the closing table.
By law, the lender must provide to you, no less than three business days prior to closing, a Closing Disclosure (CD) for your review and signature. The CD discloses all pertinent information about your loan, including the property address, sales price, loan amount, total mortgage payment, interest rate, all closing costs and any cash to closing you will need. This three-day rule affords you the opportunity to ask your loan officer any questions or request clarification, and also to be sure the loan you’re expecting is the loan you’re getting! You will be presented with a Final CD to sign at closing and if any fees or funds to closing change, you will be notified before you actually arrive at the closing agent’s office. You can also ask your loan officer to have a copy of your entire closing package sent to you in advance so you can read over all the documents you will be signing.
At Residential Mortgage Corp., we understand how our customers feel and we do anything we can to make the entire loan process pain- and stress-free. You can get a free consultation or prequalification today. Take the first step to homeownership with us!