Skip to main content

Your Will County and Chicagoland Mortgage Closing: What You Can Expect

Your Will County and Chicagoland 
 Mortgage Closing:  
What You Can Expect

     You've gone through Mortgage Pre-Approval ... the
Mortgage Application itself ... the verifying of employment(s) and savings accounts ... the documentation needed ... and Underwriting.  You've complied to every request presented to you.  Answered every question.  Dotted every "i" ... crossed every "t".  

     Gulp!   Now what?

     The Mortgage Closing.   The culmination of all your hard work and what you have been planning for over the previous months!

     Just how do you determine when your Closing should take place though?  Well, first ... a date has been set and agreed to within your  Real Estate Sales Contract.  If your mortgage processing went reasonably smooth, you will be closing on or close to that date.  

     But there are other important considerations as well.  Ever hear the old saying, "timing is everything?"  Well, in Closings that can be very true.  So WHEN  you close ... the day chosen can determine much.  The amount of money you must bring to the Closing table (known as pre-paid interest) is certainly determined by which day of the month you Close. 

     HOW?  A date set later in the month translates to lower closing amounts due at Closing, as prepaid mortgage interest costs accrue from the date of Closing up to the beginning of the next month.  This fact explains the high number of Closings you find set at the end of each month.  And just why it's sometimes harder to set a Closing appointment last minute during that time.  

     But most likely your Mortgage Lender will try to avoid setting a Closing date too late in the month also.  Should problems arise, they might cause a postponement or delay and that increases the chance of being re-scheduled at the beginning of the next month.  As pointed out above, that can be costly. If possible, a date that affords you some flexibility will be chosen for your benefit. 

     So what happens during your actual Mortgage Closing?  

     That can depend on where you are buying.  Each state (or  local municipality) determines its own method and requirements for closing a loan.   
     For those in Illinois/the Chicagoland region, Closing typically means the following:

    What the Borrower(s) Need to Bring:

     *  Funds to Close:  Either a  Cashier's Check  (typically payable to the Title Company) - or - a Wired (Electronic Transfer) from the Borrower's bank to the Title Company's bank.  Please note:  Amounts $50,000 and over due at Closing must be wired in (State Law).    
     *  Photo ID's  (typically active Driver's License or State-issued ID.  Acceptable:  Passport)
     *  Proof of  Homeowner's Insurance  coverage (Declaration page), along with proof of the 1st year's payment, has typically been provided prior to your Closing/Closing date being set, when closing through American Portfolio Mortgage Corp./my services.  But in other instances, this is an important requirement for Closing day.  So make sure you have this information and document with you at this time.

     WHO attends:  (Note: In our Chicagoland area, many of the Closings take place at title companies.  But Closings are possible, through my services, in other locations, including your home or place of employment.) 

     *  All Borrowers on the loan (and sometimes the spouse not on the loan) 
     *  Attorney(s) for Buyer and Seller
     *  Realtors for Buyer and Seller
     *  The Loan Officer (part of my personal mortgage services)
     *  Title company Closing Agent
     Seller(s), if still living in the property  

      What documentation will be signed:

     *  The title company prints and prepares the Lender's Closing Package and Settlement Statement in a concise packet, typically reviewed by the Borrower(s)' Attorney, and signed by the Borrower(s) after each form is explained.  

     The four most important documents are: 

     *  The Settlement Statement (HUD1)
     *  The Truth-in-Lending Disclosure (TILA)
     *  The Note
     *  The Mortgage

     and various others ...

     How much time will the Closing take?

     Mortgage Closings take longer than they did in the past.  Depending on the efficiency of the Closing Agent, title company, attorney(s), real estate professionals, Mortgage Lender involved, and the Borrowers themselves ... participants should be prepared to set aside a minimum of 1 to two hours for the signing of documents and Closing procedure.  

     After all documents have been signed, the Borrowers receive the keys to their new home.  (Agents strongly suggest for safety reasons that upon moving, new owners change all the locks to their home.)

     Although you have now successfully completed the actual Closing portion on your new home transaction and mortgage financing, there is still one very important facet of your financing to be explained.  How to make your mortgage payments.

     Your  Mortgage Lender  will explain when your first payment is due (and subsequent payments) and how to make your first payment.  Within the paperwork you receive at your Closing, you receive a coupon from my company, American Portfolio Mortgage Corp., providing you information and an address as to when and where your first mortgage payment should be sent.  

     Should your loan be sold at any time in the future, you will then be provided with the name, address, and terms of payment with the new loan servicer.  Be aware that the new loan servicer must honor all the terms and conditions of the original mortgage agreement you signed at your Closing.

     Your Mortgage Closing:  What You Can Expect.  The above info covers the typical Closing that takes place in the Chicagoland and Will County (IL) area.  Please remember, that all real estate ... including its business and transfer ... remains local.  The Closings and procedures conducted in your area may vary from what is found here.  Please ask your real estate professionals to clarify what differences may take place within your specific locale.

     *  Dreaming of buying a home or refinancing within the New Lenox, Will County, Chicagoland region?  Contact me!  I will put my 36 years of mortgage experience and expertise hard to work on your behalf.
     I can be conveniently found at any of the following:
Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281    
Click Here for your FREE Consultation

Ready to Apply for your Mortgage?

 Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   Digg Acct. of Gene Mundt, Mortgage Lender
 Trulia Acct. of Gene Mundt, Mortgage Lender   Zillow Acct. of Gene Mundt, Mortgage Lender   Lender411 Acct. of Gene Mundt, Mortgage Lender    Klout Acct. of Gene Mundt, Mortgage Lender    Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender 
Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL









Popular posts from this blog

Property Addresses: Gettin' Down to the Nitty Gritty

Property Addresses:   Gettin' Down to the Nitty Gritty

Take just a second and read through the following statements ...

“The devil is in the details” 
... "in life, it is often the tiny details that end up 
being the most important"

"Get Down To The Nitty Gritty"

“Little details have special talents in 
creating big problems!” 

“Sweat the details”

"Success is the sum of details"

Details ...Details ... it's all about the details ...
     And I'll admit it, I'm a bit of a nerd about them.  My whole family is.  Details, the intricacies, the little things ... they matter to us.
When I was growing up, a typical conversation (and argument) between my brothers and myself at the dinner table or in the backyard centered around "details".  It didn't matter what the topic was, it was the minor differences ... the details about the topic ... that we argued about.  I'm sure we drove our parents crazy.  
Sports statistics and games ... minutiae rega…

Ready for Fall? It's Arriving Soon

Ready for Fall?  It's Arriving Soon

Friend ...

Maybe it's because football season has started. Maybe it's the kids being back in school. Or because the night air is cooler. But a sense of Fall has arrived here in Chicagoland ...

The Fall Season brings changes with it. Changes in temperatures. Changes to the clothing we wear. Our focus seems to shift with the coming of shorter days, falling leaves, and crisp air.

Fall can be the perfect time to do a multitude of things. You can prep your home for the upcoming winter weather ... or for Fall listing and sale. 

But whether you're moving on or staying put, Fall is a great time to declutter and organize your home inside and out ... and your finances too.

I've googled like crazy to find interesting articles filled with Fall info, ideas, tips, and photos. Articles that will help you usher the Fall Season in at your house. I hope you enjoy reading the articles offered below and that they inspire you to make any needed changes.


Paper or Paperless billing? Which serves YOUR needs best?

Paper or Paperless billing?  Which serves YOUR needs best?

These days, companies are under pressure to go "green" and become more environmentally friendly.  As a result, an increasing number of businesses are offering their customers a paperless option with which to receive and pay their bills. 

There are obviously many positives to be found within these paperless services:

Trees are saved  Reduced postage costs  Less paper documentation to organize or save/storePossible rewards for switching to paperlessPayments can often be made/posted same-dayAutomated payments can be set-upMore
But I can tell you from my vantage point as a Chicagoland/IL/WI Mortgage Originator, there are also negatives to be found within paperless methods.  For some of my mortgage clients, the choice of going "paperless" just hasn't worked well.

 For some, an email or text reminder regarding payment of bills has not been enough. They NEED a paper billing to arrive in their mail. 

Their paper bil…