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发帖数: 1457 | 1 http://www.mitbbs.com/club_bbsdoc/MA_Mortgage_Realestate.html
【 以下文字转载自 MA_Mortgage_Realestate 俱乐部 】
发信人: chem (Mortgage Consultant), 信区: MA_Mortgage_Realestate
标 题: Buyer Information for Closing
发信站: BBS 未名空间站 (Mon Oct 24 23:00:47 2011, 美东)
What responsibilities do I have during the lending process?
To ensure you won't fall victim to loan fraud, be sure to follow all of
these steps as you apply for a loan:
■Be sure to read and understand everything before you sign.
■Refuse to sign any blank documents.
■Do not buy property for someone else.
■Do not overstate your income.
■Do not overstate how long you have been employed.
■Do not overstate your assets.
■Accurately report your debts.
■Do not change your income tax returns for any reason.
■Tell the whole truth about gifts.
■Do not list fake co-borrowers on your loan application.
■Be truthful about your credit problems, past and present.
■Be honest about your intention to occupy the house
■Do not provide false supporting documents.
What happens after I have applied for my loan?
It usually takes a lender between 1-6 weeks to complete the evaluation of
your application. Its not unusual for the lender to ask for more information
once the application has been submitted. The sooner you can provide the
information, the faster your application will be processed. Once all the
information has been verified the lender will call you to let you know the
outcome of your application. If the loan is approved, a closing date is set
up and the lender will review the closing with you. After closing, you'll be
able to move into your new home.
What should I look out for during the final walk-through?
This will likely be the first opportunity to examine the house without
furniture, giving you a clear view of everything. Check the walls and
ceilings carefully, as well as any work the seller agreed to do in response
to the inspection. Any problems discovered previously that you find
uncorrected should be brought up prior to closing.
What makes up closing costs?
There may be closing costs customary or unique to a certain loan program or
locality. Your mortgage broker or lender will provide you with a good faith
estimate of the closing costs, but closing costs are usually made up of the
following:
■Attorney's or escrow fees (Yours and your lender's if applicable)
■Property taxes (to cover tax period to date)
■Interest (paid from date of closing to 30 days before first monthly
payment)
■Loan Origination fee
■Recording fees
■Survey fee
■First premium of mortgage Insurance (if applicable)
■Title Insurance (yours and lender's)
■Loan discount points
■First payment to escrow account for future real estate taxes and insurance
■Paid receipt for homeowner's insurance policy (and fire and flood
insurance if applicable)
■Any documentation preparation fees
What can I expect to happen on the day of closing?
You'll present your paid homeowner's insurance policy or a binder and
receipt showing that the premium has been paid. The closing agent will then
list the money you owe the seller (remainder of down payment, prepaid taxes,
etc.) and then the money the seller owes you (unpaid taxes and prepaid rent
, if applicable). The seller will provide proofs of any inspection,
warranties, etc.
Once you're sure you understand all the documentation, you'll sign the
mortgage, agreeing that if you don't make payments the lender is entitled to
sell your property and apply the sale price against the amount you owe plus
expenses. You'll also sign a mortgage note, promising to repay the loan.
The seller will give you the title to the house in the form of a signed deed.
You'll pay the lender's agent all closing costs and, in turn, he or she will
provide you with a settlement statement of all the items for which you have
paid. The deed and mortgage will then be recorded in the applicable
Registry of Deeds, and you will be a homeowner.
What do I get at closing?
■Settlement Statement, HUD-1 Form (itemizes services provided and the fees
charged; it is filled out by the closing agent and must be given to you at
or before closing)
■Truth-in-Lending Statement
■Mortgage Note
■Mortgage or Deed of Trust
■Copies of all documents you sign at closing
■Keys to your new home |
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