Closing Your Home Loan

This is the moment you've been waiting and we've been working for! Closing, or settlement, occurs when you sign the paperwork and pay closing costs to take ownership of your home, or complete a refinance or home equity loan and gain access to those funds and new loan terms.

What Happens At Closing?

The actual process of closing home loans varies from state to state, sometimes by county, but it usually includes the following steps:

1. First, a closing agent (such as a lawyer, title agent or Loan Consultant) reviews the settlement sheet with you. The settlement sheet includes all the final costs for the purchase transaction or refinance loan.
2. Next, you will be asked to sign home loan documents such as the mortgage or deed of trust, Note and Truth-in-Lending statement.
3. In the case of a home purchase loan, you will need to provide a certified check or cashier's check to the closing agent to cover the down payment and closing costs. If you are refinancing, your closing costs may be paid by accessing home equity you may have in your home.
4. For a home purchase loan, Countrywide Bank’s Full Spectrum Lending Division gives a check for the home loan amount to the closing agent. For a refinance loan, the agent receives a check for the balance of your old loan. All or a portion of the “cash-out” funds from a refinance may be paid directly to creditors by Countrywide, or, depending on the loan guidelines, you may receive a check for a portion or the full cash out amount.
5. If the monthly payments will include amounts paid toward the payment of property taxes and insurance, the escrow account is set up.
6. You receive the keys to your new home, along with copies of all the closing documents.

Whether you're anticipating the excitement of home ownership or the peace of mind of a debt consolidation refinance loan, your home loan closing is an important day, requiring diligent preparation. While finalizing home loans may take some time, we make the process as simple and streamlined as possible. It's our goal to free up your time, money and energy for more important things.

Once the excitement of closing is behind you – get ready to enjoy the benefits of your home loan!