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Liberty Mortgage, Inc.
509 W. McKinley Avenue
Mishawaka, Indiana 46545
Telephone 257-0629
or 888-568-1786
Fax 574-257-0632
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The settlement is the culmination of the purchase process. Shortly after finalizing the sales
contract you will select a closing/escrow company.
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Closing/Escrow Company
The closing/escrow company is responsible for ordering the title examination
and survey, providing the mortgage lender with a title insurance commitment, implementing steps to be
sure the seller can convey marketable title, and scheduling the actual time and place of the closing.
The closing/escrow company will receive the loan documents from the lender and will finalize preparations
for closing following the loan instructions included with these documents.
The closing itself
will be conducted by an a closing/escrow agent or an attorney who will explain the various documents
you will sign. Most agents will walk you through this at your own pace. If you are feeling rushed, just
ask him/her to slow down.
Many of the forms signed at closing are required by law and are signed
by everyone who obtains a mortgage loan. Most documents only require that you check the spelling of names
and addresses and sign the form. By all means, however, know what you are signing. If you have questions,
ask!
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Closing/Escrow Company
The settlement statement, often referred to as the HUD-1, summarizes
the financial aspects of the transaction. For this reason, it is the document that warrants the closest
scrutiny at closing. Basically, the HUD-1 translates the terms of your sales contract and mortgage commitment
into numbers and acts as a balance sheet for an accouting between buyer and seller.
The closing
agent will provide you a copy of the HUD-1 prior to settlement for your review. Your real estate agent
or your loan officer will be happy to review this information with you.
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The Note
This is a written promise from you, the borrower, to pay the lender a definite sum
of money at an agreed interest rate over a stipulated period of time. You should check to make sure that
all of the variables just mentioned are correct.
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What to Bring?
You will need to bring a certified check or bank draft in the stated amount,
made payable to the closing company. If you have received the complete insurance policy from your agent,
bring that to the closing also. A piece of photo identification will also be required.
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More about the loan process . . . .
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