Understanding The Closing Process

Once your loan is approved, you will be ready to take the final step that will lead to the door of your new home.  Many homebuyers are intimidated by the closing process, but it’s not as complicated as you may think.  In fact, finding the right home is much more difficult than closing the deal.

Making It Official

The closing process begins with the borrower and lender meeting in the presence of a notary public.  This is a person who is authorized to oversee, create or certify contracts, deeds and other legal documents.  At the conclusion of the signing, the notary public will provide their stamp and signature, which certifies the identification of everyone present and the signatures on the loan application.

Handing Over The Cash

When you meet with the lender to close the loan, you will be required to produce your down payment and, if required, the closing costs.  Ask your lender about acceptable payment methods, which may include a cashier’s check or other certified funds.  If you have an account with the lender, a personal check may be accepted in some circumstances.

Review The Loan Documents

At closing, this will be your final opportunity to review the loan documents.  You should make sure that everything is accurate and as promised, including the interest rates and loan term.  It’s also important that you confirm that the names and addresses are correct, along with other important information relating to the loan.  If anything is inaccurate, now is the time to make changes.  Never sign the loan documents until everything is perfect.

Sign Here, Please

Once everything is verified and the loan documents are approved by both you and the lender, it’s time to sign on the dotted line.  Believe it or not, this is one of the most nervous times for a homebuyer.  If you’ve chosen the right home and are comfortable with your loan, however, it can also be one of the most exciting.  Once the documents are signed, the notary public will affix his/her stamp and signature.

It’s A Done Deal

The final step in the closing process is a simple handshake.  Most lenders and homebuyers will extend their hands and, with a smile, the person who was just a homebuyer is now a homeowner.  Now that’s something to shake on!  With the keys to your abode now firmly in hand, it’s time to get moving and turn your new house into a home.

Testimonials

We interviewed a few different realty companies and felt very comfortable with Dave and loved the flexib...

Continue Reading


Thank you for making the MLS services possible! We gained MAJOR & IMMEDIATE exposure with our listin...

Continue Reading


Dear Dave,

Thank you for all your help with selling our home! We really appreciated all the time y...

Continue Reading


Blog

November 15, 2017
Celebrating New Year’s With Young Children

Celebrating New Year’s Eve With Children

Partying until midnight may not be in the cards for...


November 08, 2017
Selecting Homeowners Insurance

Selecting Homeowner’s Insurance

One of the many things you will have to think about while yo...


November 01, 2017
How Much Yard Do You Need

How Much Yard Do You Need?

You probably have spent a good deal of time considering how much space ...


Dave W. Abdallah

25636 Ford Road
Dearborn Heights, MI 48127

Phone: 313.274.7200
Phone: 313-203-8209

Email


Facebook twitter Linkedin YouTube
Facebook