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Selecting Your Closing AgentYou have the
option of selecting your closing agent from the list of settlement service
providers that will be given to you. If you do not have a preference, we
will select a provider for you. One of the providers, Flenniken
Corporation, a wholly owned subsidiary of Dollar Bank, is a full service
title agency available to provide you with a seamless transaction.
Obtaining Title InsuranceTitle insurance is one
requirements for closing your mortgage loan. Your closing/title agent will
issue a title commitment that contains the status of title and conditions
that must be complied with in order to issue a title policy. The agent
will work with the necessary parties to attempt to resolve any title
issues that must be cleared prior to closing. The Loan Policy insures us
that the mortgage being recorded is a valid first lien. If you are
purchasing a home, you will probably want to purchase an owner's title
policy to insure your interest. The charge for title insurance varies in
each state. An estimate of these charges will be provided on your Good
Faith Estimate. The title policies are prepared by the closing agent after
the insured documents have been recorded.
Closing Your LoanA closing is the final step to
conclude the real estate transaction. It is usually held at a convenient
location for the buyers and sellers and is conducted by a closing or
settlement agent. The closing agent coordinates the details of the closing
with all parties involved, prepares the HUD-1, and issues a title
commitment. Upon receipt of the commitment letter from Dollar Bank, the
closing agent will schedule and perform the closing, disburse the funds
and record the documents. As a borrower, you will be expected to sign the
mortgage loan documents. The closing agent will notify you in advance of
the amount, if any, you will be required to bring to the closing in the
form of a cashier's check or money order.
The closing date is set after you receive your commitment letter from
Dollar Bank. Keep in mind that the closing must take place before your
commitment and rate lock expire.
You may want to contact your Dollar Bank mortgage representative to
review the conditions of your mortgage commitment and to discuss the other
items required for closing. For example, all borrowers are required to
provide a homeowner's insurance policy with a minimum coverage of the loan
amount that is in effect as of the date of closing, along with a paid
receipt for the policy.
One of the most important financial forms you will receive is the
HUD-1. It is a list of the services and charges paid by the buyers and the
sellers. It will be completed by the settlement agent and should be
available to you one day prior to closing. The HUD-1 is signed by the
buyers and the sellers.
After you receive your HUD-1 from the settlement agent one day prior to
closing, you should review the charges. The HUD-1 will reflect the actual
amount that you will need for the loan closing.
The settlement agent will review the HUD-1 with you and the sellers at
There are several other documents and affidavits which you will be
required to sign to complete the transaction. The documents are listed
A legal document specifying the terms of debt including the amount to be paid, when installments are due and the term of the loan.
Mortgage (Deed of Trust)
A legal document that pledges a property to the lender as security for payment of the loan.
The legal document conveying title to a property.
The Rider is a legal document which amends and supplements the mortgage. It is used on adjustable rate mortgages to document such items as the formulation of rate and payment changes. It defines the limits or caps of the interest rate and the method of notice of interest rate and payment changes to the borrower. A rider is also necessary on all transactions involving a Plan Unit Development or Condo.
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