Closing Loan today...Advice PLEASE?

gaonmymindAugust 6, 2012

We are closing today, but wanted to know what docs are usually signed. They are supposed to get us the HUD prior to the close. What are the other docs? We wanted them to send them all prior, but they will only send the HUD.

And yes I have asked the LO but I just want experience of others.

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Houseofsticks

When we refinanced we had all the documents that would be in a regular sale since we essentially repurchased the property. (Think 1" packet of plat plan, appraisal, disclosure, Title search, loan documents...) If your getting a construction loan this may be different.

I got a check list from the lawyer's office to make sure "all our ducks were in a row". Not necessary but I have had to wait on items before at closings.

    Bookmark   August 6, 2012 at 12:26PM
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pbx2_gw

We closed 2 fridays ago & didn't received our HUD1 till 1 hour before closing.

The settlement numbers didn't change & was in-line with all the modeling we had done before hand.

However, I find it very disconcerting that we are making a half a million $ commitment & didn't really have time to review everything before hand.

My advice to others is to document as much as they can with their L.O., underwriters, processors & settlement people before the closing. That is really the only recourse you have in a dispute.

Then spend as much time as possible @ closing to ask that everything be answered to your satisfaction.

Good luck!

    Bookmark   August 6, 2012 at 1:45PM
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gaonmymind

Thanks houseofsticks!

Pbx2 - Wow...you are speaking my language. We feel the same way. We close in 2 hours and just got the HUD. We wanted all the docs, but have to wait till closing. You have been so helpful. Now I know I am not being unreasonable!

    Bookmark   August 6, 2012 at 1:54PM
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brickeyee

Depending on what any present note holder does, the HUD-1 may not be available till a few hours before a morning closing.

They have to specify the payoff amount.

If you have a loan to purchase, there will be all the paperwork to secure the loan (and you will deed the place back to the lender in a trust deed state, otherwise even more mortgage paperwork).

You can drag it out as long as you want until any questions you have are answered.

Huge amounts of the paperwork are standard 'boilerplate' legal documents required to take possession and ten grant the lender an interest in what is now your property 9so if you fail to pay they can foreclose).

    Bookmark   August 6, 2012 at 4:55PM
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kirkhall

And, (at least in my state, but I think for everyone since the real estate debacle) you have 3 business days to rescind.

    Bookmark   August 6, 2012 at 11:19PM
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brickeyee

"you have 3 business days to rescind."

Sometimes, not always (and it is Federal Law).

You also have fees paid to other than the lender that you would still have to pay.

    Bookmark   August 7, 2012 at 11:01AM
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gaonmymind

Well we closed! It's over folks...I am officially building a house! I had to double check a few things at the closing as things were overlooked. It was a pain, but I count my blessings that we were able to get our financing secured as I know know many people can't.

    Bookmark   August 7, 2012 at 12:10PM
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Beth Parsons

Congrats on your closing! Looking forward to seeing your progress soon!

    Bookmark   August 8, 2012 at 3:23AM
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