What is the closing?
Closing will typically take place at an attorney or title agent’s office. The attorney or title agent represents the lender – not the seller, real estate agent or you – the buyer. Your Realtor or Mt. Vernon Mortgage Specialist will give you instructions on where the closing will be conducted, along with a phone number and a fax number for the closing attorney or agent in case you have any questions for him or her. All borrowers associated with the loan transaction will be required to bring a government issued photo ID such as a driver’s license or passport to closing. Here’s what you can expect to happen at the closing table: • The closing agent reviews the HUD-1 Settlement Statement with both you and the seller. • Evidence of required insurance and inspections are presented. • Signatures are collected for loan documents including the HUD-1, mortgage or deed note and the Truth-in-Lending statement. • You submit a certified or cashier’s check to cover your down payment and closing costs
