What will happen during the closing process*?
• You might do a final walk through of the home. • You ll go to the closing location and show your picture ID to the settlement agent. • You ll present your paid homeowner s insurance policy, or proof that the premium has been paid. • Your settlement agent will review the closing statement or HUD 1 statement with you, showing all items for which you have paid. • You ll get inspection reports and warranties. • You ll sign the mortgage, agreeing that if you don t make payments to the lender as agreed, the lender is entitled to sell your property and apply the sale price against the amount you owe. • You ll sign a mortgage note, which is your promise to repay the loan. • You ll typically be given the title to the house in the form of a deed, signed by the sellers. • You will be asked to sign a number of other documents required by your lender. • The deed and mortgage will be recorded in the local courthouse or county recorder s office, sometimes called the Registry of Deeds. • You ll get
