Home Loans with CCCU

MORTGAGE TOOLS


    WHAT HAPPENS AT THE LOAN CLOSING?

    The closing will take place at the office of a title company, escrow office, or attorney in your area who will act as our agent. If you are purchasing a new home, the seller may also be at the closing to transfer ownership to you, but in most instances these two events actually happen separately.

    During the closing you will be reviewing and signing several loan papers. The closing agent or attorney conducts the closing.

    Just to make sure there are no surprises at closing, your Loan Officer will contact you a few days before closing to review your final fees, loan amount, first payment date, etc.

    The most important documents you will sign at the closing include:

    Closing Disclosure

    A Closing Disclosure is a five-page form that provides final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs).

    The lender is required to give you the Closing Disclosure at least three business days before you close on the mortgage loan. This three-day window allows you time to compare your final terms and costs to those estimated in the Loan Estimate that you would have received at the beginning of the process. The three days also gives you time to ask your lender any questions before you go to the closing table.

    Note

    This is the document you sign to agree to repay your mortgage. The note will provide you with all of the details of your loan, including the interest rate and length of time to repay the loan. It also explains the penalties that you may incur if you fall behind in making your payments.

    Deed of Trust / Mortgage

    This document pledges a property to the lender as security for repayment of a debt. Essentially this means that you will give your property up to the lender in the event that you cannot make the mortgage payments. The Deed of Trust restates the basic information contained in the note, as well as details the responsibilities of the borrower. In some states, the document is called a Mortgage instead of a Deed of Trust.

    If your loan is a refinance, federal law requires that you have three days to decide positively that you want a new mortgage after you sign the documents. This means that the loan funds won't be disbursed until three business days have passed. The closing agent will provide more details at the closing.



    WILL I NEED TO HAVE AN ATTORNEY REPRESENT ME AT CLOSING?

    In some areas of the country it is very customary, and sometimes required by law, to have an attorney represent you at the closing. In other areas, attorneys are not as common at a real estate closing. Please contact the closing agent if you have questions about attorney representation. By all means, we recommend that you have an attorney at the closing if it would make you more comfortable. If your attorney has any questions about your new mortgage, please refer them to your Loan Officer. We'd be happy to provide any information necessary.



    CAN I GET ADVANCED COPIES OF THE DOCUMENTS I WILL BE SIGNING AT CLOSING?

    The most important documents you will sign at closing are the note and deed of trust. Unless there are special circumstances, these documents are usually prepared one to two days before your closing. Other documents are prepared by the closing agent the day before or the day of your closing. If you would like copies of the completed documents to be sent to you after they are prepared, please contact your Loan Officer.



    WHO WILL BE AT THE CLOSING?

    The closing agent acts as our agent and will represent us at the closing. It is also possible for your Loan Officer or Realtor to attend the closing to assist you with any additional questions you might have. However, whether your Loan Officer attends the closing or not, you will be contacted prior to closing to talk about your final documents and to provide a final breakdown of your closing fees. If you have any questions that the closing agent can't answer during the closing, ask them to contact your Loan Officer by phone and we'll get you the answers you need - before the closing is over!



    I WON'T BE ABLE TO ATTEND THE CLOSING. WHAT OTHER OPTIONS ARE THERE?

    If you won't be able to attend the loan closing, contact your Loan Officer to discuss other options. If someone you trust is able to attend on your behalf, you can sometimes execute a Power of Attorney so that this person can sign documents on your behalf. In other cases, we're able to engage a mobile notary to come to your location. We're sure to have a solution that will work in your circumstances.



    IF I APPLY, WHERE WILL THE CLOSING TAKE PLACE?

    We use a wide network of closing agents and attorneys to conduct our loan closings. We'll schedule your closing to take place in a location that is located near you for your convenience.

    We'll deliver our loan documents to the closing agent or attorney prior to closing so that they'll have plenty of time to prepare for your closing.



    CAN I MAKE MY MONTHLY PAYMENTS WITH AN AUTOMATED DEBIT FROM MY CHECKING ACCOUNT?

    Yes, if a mortgage product is selected that requires Consolidated Community Credit Union to release the loan to a third party for servicing, that company's rules would apply and they should be contacted for available options. Generally, most companies have automated monthly payment options available.

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