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What happens at the loan closing?
Will I need to have an attorney represent me at closing?
Can I get advanced copies of the documents I will be signing at closing?
I won't be able to attend the closing. What other options are there?
If I apply, where will the closing take place?
Can I make my monthly payments with an automated debit from my checking account?
If I apply for a home equity loan where will the closing take place?
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The closing will take place at our office located at 679 Fox Road in Van Wert.  If you are purchasing a new home, the seller or seller's realtor may also be at the closing to transfer ownership to you.

During the closing you will be reviewing and signing several loan papers. The loan officer conducting the closing should be able to answer any questions you have.

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 be signing at the closing include:

HUD-1 Settlement Statement

This document provides an itemized listing of the final fees charged in connection with your loan. If your loan is a purchase, the settlement statement will also include a listing of any fees related to the transaction between you and the seller. If this loan will be a refinance, the settlement statement will show the pay off amounts of any mortgages that will be paid in full with your new loan. Most items on the statement are numbered according to a standardized system used by all lenders. These numbers will correspond to the numbers listed on the Good Faith Estimate that will be provided in your application package. This document is also commonly known as the closing statement and both the buyer and seller must sign this document.

Truth-in-Lending Statement (TIL)

This document provides full written disclosure of the terms and conditions of a mortgage, including the annual percentage rate (APR) and other fees. It is exactly the same as the TIL that you received immediately after your initial application, except it has been updated to reflect the final rate and fee information. Federal law requires that all lenders provide you with this document at closing.

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.

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 Mortgage references the basic information contained in the note, as well as details the responsibilities of the borrower.


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 loan officer will provide more details at the closing.

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In our area it ins generally not customary to have an attorney represent you at the closing.  Please contact the Loan Officer if you have questions about attorney representation.  You are welcome to seek the advice of your attorney if you feel the situation warrants it.  Should you or your attorney have any questions about your new mortgage, please refer them to your Loan Officer. We'd be happy to provide any information necessary.

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The most important documents you will sign at closing are the HUD Settlement Statement, Note and Mortgage. Unless there are special circumstances, these documents are usually prepared one to two days before your closing. If you would like copies of the completed documents to be provided to you after they are prepared, please contact your Loan Officer.

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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 execute a Power of Attorney so that this person can sign documents on your behalf. In other cases, we're able to mail you the documents in advance so that you can sign them and forward them to the closing agent. We're sure to have a solution that will work in your circumstances.

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Your closing will take place at our office which is located at 679 Fox Road in Van Wert, Ohio.

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Automated monthly payments are available. At the loan closing an automated payment application will be completed. You can also manage your automated payments using our on-line banking website.

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It couldn't be easier! We will close your loan at the office of First Federal of Van Wert located at 679 Fox Road in Van Wert.  Closings can also be handled by mail.  Speak with your Loan Officer to coordinate a mail closing.