Hello,

Earlier there was an article about the Loan Estimate Process, it explained the steps necessary to complete the beginning of your loan process.  But what about the end?  This article is intended to assist you with understanding the closing disclosure and the process associated with it.  I hope you find it helpful.

Step 1: What To Expect

You will receive emails from the lender who has your loan.  They will request you consent to something called the closing disclosure.  Just as the name implies this will be a summarization of your final costs.  In the beginning of this process you received something called The Loan Estimate.  This is the final version of that.  You can compare the closing disclosure to the loan estimate.   Ensure that you consent to these emails, it lets the lender know you’ve received and reviewed them.  If you have questions you can always contact me directly.

 

Step 2: The Closing Disclosure’s Accuracy

One of the trickiest parts of the closing disclosure process is that the forms are not always accurate the first time around.  There are different companies involved that played a part in your loan, and each of them have to submit their final fees like credit report cost, final appraisal cost, title and other fees.  Once everyone has submitted their final fees they can be calculated on the closing disclosure and you will have your true and accurate final numbers.  The lenders are more interested in getting the disclosure out to meet Government guidelines (you cannot receive the closing disclosure less than 72 hours before closing) than having it accurate the first time around.  So bear with me and contact me if you have any questions.

In Conclusion

Any changes or updates to your closing disclosure and final numbers have to be disclosed to the consumer, this is the reason you may receive several sets of emails from your lender.  As we finalize and adjust everything it may trigger new disclosures to be sent out as a precaution to inform you things are being adjusted.  This doesn’t mean they are the final numbers, your final numbers will be issued when your loan officer sends the final email.

I will email you a closing template that outlines the following:

1) Time of close

2) Requirements for closing (Money)

3) Location of Close

4) What to bring to close

5) Outline of your loan disclosure.

 

I will then call and / or text you to verify you’ve received this information.  If you want to go over it please let me know, I am happy to sit down on the phone or in person to discuss each and every line to ensure you understand.

Thank you, and hopefully this article helps you understand the process a little more.

 

 

  www.mortgagegreenbaywi.com

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 Justin Scott

Loan Officer

NMLS 878581

  1. C) 920-530-4484
  2. O) 920-490-8823
  3. F) 920-490-8967

Executive Mortgage

NMLS 271650

909 . E Walnut Street

Green Bay WI 54301