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Closing Your Loan: Getting to the Finish Line

What does “closing” mean?


Closing is the final step of the home buying transaction. All outstanding fees listed in the closing disclosure are paid; the escrow funds are cleared to be delivered to the seller, and the buyer and seller sign documents to transfer ownership of the property. The buyer signs the mortgage loan, and the title company registers the title deed to the property in the buyer's name. 


Where does the closing happen?


Closings can be at a title company, at a location of your choice with a mobile notary, at an attorney’s office or even online, depending on your state.

What do I need for the closing?

You must bring two forms of identification with you, including a government-issued ID. The second form of ID can be almost anything that has your name, address, or picture that matches your government ID. If you have cash to close and plan on paying via check, bring a certified or cashier’s check to give to your notary. You can also arrange a wire transfer.


Who needs to be present at the closing?

All individuals on the title need to be present at closing. Pursuant to state law, there may be a need for non-borrowing individuals to be present to sign a handful of non-obligor documents as well. It’s best to check with your mortgage company or title company to confirm who should attend your closing, along with any witnesses if required by your state.

What is an eClose and can I do it?

An eClose is a digital closing in which the act of closing a mortgage loan is done electronically. This occurs via a secure digital environment in which some or all of the closing documents are accessed and executed electronically. It is available where allowable by state. 

How do I pay the closing costs?

Payment varies depending on the title company you are using and the amount of your closing costs. You can find your cash to close amount listed on your Closing Disclosure (CD). Prior to your closing, please consult your title company on its acceptable forms of payment. 

How quickly can I close my loan?


At Town Square Mortgage, we guarantee to close loans in 21 days or less. This can be very helpful in a competitive situation in which there are multiple offers, as the seller may want a quick close.


What does "close of escrow" mean?


Close of escrow is the point in the home buying process when everything is finalized. The funds held in escrow and the loan amount are transferred to the seller, and all outstanding third-party costs, such as taxes and HOA fees, are settled.


What is a "closing disclosure"?


A closing disclosure (CD) is a standardized document from the lender that provides final details about the mortgage loan. It includes the loan terms, projected monthly payments, fees, and other closing costs. The lender is required to give you the CD at least 3 business days before the date of close so you can compare it against the loan estimate (LE). If something on your CD doesn't look right, be sure to ask your lender about it prior to closing.


What is a "mortgage note"?


A mortgage note (also known as a "note") is a document signed at closing outlining the complete terms of your new home loan. Think of it like an official "IOU." A mortgage note states how much you are borrowing from the lender, whether the loan has a fixed or adjustable interest rate and when you are expected to pay it back.

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