Mortgage Closing Process

Mortgage Closing Process in Candlewood Shores, CT

The mortgage closing process in Candlewood Shores, CT can seem a little overwhelming and mysterious to first-time buyers. The good news is, once you understand what happens, you will see that there is not much to it. Your loan will close when it has been approved by the Candlewood Shores, CT lender and all conditions of the purchase agreement and the mortgage are met and approved.

Escrow Process in Candlewood Shores, CT

Before a Candlewood Shores, CT mortgage closes, many people are at work ensuring all conditions of the purchase agreement are met. After the buyer and seller sign the contract, the loan application and approval process takes place. Conditions of the agreement must be met, including any contingencies, home inspections, pest reports, insurance requirements, title checks and more. The seller will need to prepare and sign disclosures, be available to answer questions, fix any problems that may come up with the title, and make the home available for inspections. The buyer in Candlewood Shores, CT will need to deliver any requested documents to the lender. The closing date will also be scheduled.

Mortgage Closing Process Candlewood Shores, CT

Steps for Closing Escrow in Candlewood Shores, CT

The following steps are completed during escrow:

  • The loan is pre-approved
  • The buyer's offer is accepted
  • The loan is submitted and the lender provides the borrower with a Loan Estimate (LE)
  • The escrow company requests documents from all parties and completes all escrow instructions
  • The property is appraised and inspected
  • The borrower receives the Closing Disclosure (CD) to review

Loan Closing in Candlewood Shores, CT Explained

To prepare yourself for closing, you must get together all loan and property documents you have received. This includes proof of homeowners insurance and flood insurance, the purchase agreement, the home appraisal, the home inspection report, proof of title search, and the Loan Estimate (LE) from the lender.

Mortgage Requirements Candlewood Shores, CT

At closing, you will need to sign several documents including the Closing Disclosure (CD) Settlement Statement, Final Truth in Lending Act statement, deed of trust securing the note, and the mortgage note that says you promise to repay your loan. You will also need to pay closing costs at this point. Depending on the Candlewood Shores, CT loan program you have chosen, you may have decided to roll the closing costs into the loan, or your lender may have agreed to pay the costs.

Your Candlewood Shores, CT real estate agent or title company will hold the closing meeting and ensure the documents have been signed and recorded. The actual closing may be held at the office of the escrow or settlement agent, the lender's office, or the title company depending on customs in your area.

After all documents have been signed, you will receive the keys to your house.

Mortgage Closing Information Candlewood Shores, CT

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