Closing on Your Mortgage

You are in the home stretch of becoming a first-time homebuyer when you close on your mortgage loan.

Your mortgage file has progressed into the closing department of MidCountry Mortgage. The closer prepares all closing documents and forwards the package to the title company or settlement attorney. 

What to Expect at Your Closing

At the closing, you are required to sign all the legally binding and non-binding documents. Documents include the Closing Disclosure, the Deed of Trust, the Promissory Note, and various certification documents in conjunction with your mortgage agreement.

Closing Disclosure

The Closing Disclosure will show the terms of your loan, your payment amount, and break out the fees that are associated with your loan.  A Closing Disclosure will be sent to you no later than 3 business days prior to closing for you to review the terms of the loan and the fees associated with your closing.  A final Closing Disclosure will be provided at the closing to be signed as well.

Deed of Trust

The Deed of Trust is the security instrument (mortgage) that requires the owner's signature. After closing, the Deed of Trust is recorded by the county with a legal description, creating a public record of the borrower's contract to repay the Promissory Note (see below) using the property as collateral. In addition to showing the loan entitlement, amount and term, the Deed of Trust identifies the provisions of protection in the event that the owner defaults on the mortgage. 

The Promissory Note

The Promissory Note is the borrower's contract to repay the loan: Principle amount, rate of interest, and loan term, the payment due dates, grace periods, late charges, and general default provisions.

Closing on your mortgage means you have officially transferred the title of the property into your name. Enjoy your new home!

Complete Homebuyer's Mortgage Guide

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Minimum and Maximum loan amounts apply. Rates and programs subject to change at any time. Loans subject to borrower qualifications, property evaluation and credit approval. All rates and program guidelines subject to change without notice based on consumer eligibility and marketing conditions. All loans subject to credit approval and compliance with underwriting standards.

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