Mortgage 101 - Closing

mortgage process

 

Closing

Once your loan has approval, it advances to the closing department. Closing is stage where we prepare legal documents for closing. Instructions are sent to the title company for them to prepare the final HUD1 closing statement. We review and approve the closing statement, before your closing takes place.

At closing, you must:

  • Bring cashiers check or arrange wire for closing funds, as personal checks are not accepted.
  • Review final loan documents for correct rate, terms, names and addresses.
  • Sign documents.
  • Bring current unexpired photo identification for signers.

At closing, after signing documents, the title company sends them to us for funding. Houston Capital funds your loan directly from our St James office, while you are at the closing table, without delay. On refinance loans, there is a 3 day mandatory delay for funding, as required by law. The title company supplies you a copy of documents, and remits documents to the county clerk for recording. 

One month after closing, you receive important mailed paperwork to keep in a safe place for future reference. Houston Capital sends you notification of your servicer for future payments. We may collect your first mortgage payment, and your loan is usually placed with servicer by time of second payment.

Houston Capital greatly values your opinion and feedback, and send client surveys to all clients. NO matter what we want to hear what you think. Please take a few moments to reply to our survey request. Our staff's compensation is affected by survey reponses, true evidence of how your opinion matters to us.

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 Summary

The typical mortgage transaction takes between 20-25 business days to complete. Contact one of our experienced Lending Officers today to discuss your particular mortgage needs or Apply Online and your Houston Capital Loan Officer will promptly reply to you.

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