If you’re wondering what that phrase after your name on a deed or title is, then this is the right blog for you! When title companies determine how you will hold title they will look at your “vesting” deed, which is your most recent deed. Determining how to hold title depends on an individual’s current situation, and how that person wants to pass ownership in the event of death, divorce or sale of their real estate.
Title Source is one of the largest providers of title insurance, property valuations and settlement services in the nation.
First things first, what information should you know before you get to the closing table?
- Your loan amount
- Your monthly payments
- The interest rate of the loan
- The life of the loan
What should you bring?
- You will need a government issued picture I.D. such as a driver’s license or a passport.
- Bring any funds that are due at the time of closing. Depending on the amount, this can be brought in the form of a cashier’s check or funds can be wired. To learn how to make a payment by wire transfer, click here
What are the most important documents to look over?
A closing package is typically 80+ pages and it is important that you read all of it; however, there are a few especially important documents that require close attention, including:
- The HUD 1 Settlement Statement: This is an itemized list of all the fees associated with the mortgage transaction. It is a good idea to compare the Good Faith Estimate (GFE) to the final HUD-1.
- The mortgage: Not much explanation is needed here, however, it is important that you verify your loan terms.
- The note: This is the legal document obligating a borrower to repay a loan at a stated interest rate during a specified period of time.
- Loan proceeds delivery instructions: If you will be receiving proceeds from the transaction, double check that your funds are received at your convenience to the correct address and through your preferred method, check or wired.
- Truth in Lending (TIL): The TIL discloses important terms about the credit being offered including the annual percentage rate, the amount financed the total number of payments and payment schedule.
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