At closing you will sign a series of documents much like you did at the beginning of the process. These documents are the bank or lender’s paper work. At closing there will be an attorney or notary present going through the documents page by page. They will be responsible for making sure the documents are drawn correctly, but it’s a good idea for you to keep an eye out and double check each page. If something is sent back to the bank or lender incorrectly, the documents may have to be resigned.

In a refinance situation, you will get three business days to further review the documentation you signed prior to the loan funding. This is called your right to rescind. You are welcome to read the documents at your closing, but it’s best to do it after closing to not hold up the next person’s loan closing. If something is wrong or you wish to cancel the transaction, it is as easy as faxing a document into the bank or lender to do so. Any current mortgages or property liens will be wired for you; you will not be responsible for paying them yourself. If there are other accounts being paid off, or if you are to receive a check for cash taken out through the new loan, those funds will be available for pick up or mailed to after the loan funds.

In a purchase transaction, the loan funds the same day. It is important to make sure all information is accurate on the documents when you sign them. You will be responsible for bringing in some money the day of closing when buying a home. These funds need to be certified, so you will be responsible for bringing a certified check or money order to the closing. This check will generally be made out to the title company or law firm.

Generally, after any transaction, there is a month between closing and when your first payment is due. It’s a good idea to not throw away any mail you receive from mortgage companies because that may not be junk mail. Some banks and lenders will sell your loan off prior to you making your first payment so you may not know who is servicing your loan for the majority of your term. In the event your payment is due and you haven’t received anything yet, inside the packet you receive at closing, there will be some payment coupons to assist you. Don’t be alarmed, it may take some considerable time for that paperwork to cycle.

After the transaction is complete, if you have any further questions or concerns, please don’t hesitate to call your Infinity Financial Group loan consultant. Also, referrals are much appreciated if we satisfied your needs and can help others you know.