Closing Information
 

 

 

Closing Information

Closing on your loan can be a very hectic time. Take the necessary steps to ensure that all your documents are correct before you sign them. Most people read their loan documents in the closing meeting just before they are signed.

This is not recommended because of the added pressure of the situation. It is best to get a copy of the documents before the meeting, and give yourself the time you need to review them properly.

If there are any provisions in the loan contract that you do not like or if you have any questions, be sure to address them before you sign. It is better to negotiate or turn down the loan than to agree with something you do not feel comfortable with.

The thing to remember is that your home is on the line. A lender is supposed to give you certain information in order to comply with the federal Truth in Lending Act. You should get this information either when you apply for the loan or shortly thereafter.

Under the Act the must provide you with information on the following:

  • The annual percentage rate (APR)
  • points
  • closing costs
  • the amount being borrowed
  • the amount owed
  • interest paid
  • special terms (i.e. variable interest rate)
  • balloon payments
  • pre-payment penalties

Once you have gotten the loan, make sure you keep track of your documents and records. You might need them if there are problems later in the loan term. You might also forget some very valuable information that could save you time and money.

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