What To Expect at Closing Here’s what you can expect during the closing process: Before Closing Day In the days leading up to closing day, your lender will send you a Closing Disclosure, which outlines what you need to pay at closing and summarizes your loan details. You’...

Here are some of the most common closing costs: Escrow Deposit The money you put in an escrow account each month is used to pay property taxes and insurance related to your property. Some lenders may require you to escrow depending on the circumstances of your mortgage. If you ha...

Flood insurance cannot be removed in certain cases when coverage is required. The escrow account must have a positive balance (no escrow advances that haven’t been repaid). If eligible, you can submit an escrow removal request from your online account.

Amortization Schedule Information What is it? A schedule that breaks down how principal and interest are applied with each monthly payment throughout the life of a loan. Usually provided at Closing.

Earnest money deposits typically range from 1%–3% of the purchase price and usually go toward your down payment and closing costs. Contingencies can sweeten the deal for a seller or buyer. Consult with your real estate agent to learn what could help your offer stand out. 1. Accept ...

Here are the final 5 steps to take before closing on your new home: 1. Finalize and Submit Your Loan Application. The first step after an accepted offer is to apply for a mortgage. Because you’ve already done your research to find your best loan options, it’s time to notify your le...

On closing day, sign documents, pay closing costs. Start Your Refinance Today Whether you’re looking to lower your payment, consolidate debt, or get cash out, refinancing your current mortgage...

What is an escrow account? An escrow account is where funds are held to pay property tax and insurance bills on your behalf. If your loan is escrowed, a part of your mortgage payment goes into your escrow account every month. Why did my monthly payment change?

What To Expect at Closing It’s finally time to gather your important information and sign the necessary documents that finalize your home loan Understanding Closing Costs Closing costs shouldn’t be a surprise, so let’s review what you can expect

Another alternative to foreclosure is called Deed in Lieu of Foreclosure (DIL). DIL means that you voluntarily transfer ownership of your home to your lender, the lender terminates the loan, and the remaining balance due is forgiven.