Interest rates and the bond market continue their never ending of bouncing around. Economists are all split on which they that they are headed but as long as employment is poor and gas prices continue to increase we will see consumers take more steps to the back of the line. If this is the case then we should say rates take another drop....perhaps a big one at that. Maybe Charlie Sheen has something to say on this?
You are in the home stretch on your home loan at this point. If you have a purchase you have a lot of people working for you to insure that you get to the closing table and have a smooth and successful closing.
The title company is busy making sure that the title work is clear and that there are no issues with easements or encroachments on the property as well as making sure all title transfers have been done successfully.
Your realtor is busy making sure that if the seller was to take care of anything prior to close..that it is being done and keeping you in the loop on this. They most likely are arranging a walk through for you prior to closing. This is especially important if the seller was to correct anything in the home or if your home is a new construction purchase.
And your lender is making sure that the approval is done and clean and that all parts match up successfully like the title and the appraisal.
If this were to be a refinance then you are working directly with just the lender and their game plan is still the same as it would be for a purchase.
Closing day arrives and the room is crowded on a purchase. Typically you will have the closers there for the buyer and seller (unless it is the same company) and the listing and selling agent (unless they are the same) along with the sellers and the buyers. In many cases your mortgage lender will be there as well to answer any questions that you may have in regards to the loan documents. The closing takes anywhere from 45 minutes to an hour and a half dependent on how many people are there, how many signatures are needed and how many questions are asked. A refinance closing normally should take about a half hour.
The title company closers go through all the paperwork with both sides and explain each document and collect your signatures. When the closing is complete....the money gets handed around. If the buyer needs money at closing they typically bring in a cashiers check made out to themselves and they sign it over to the title company. If the check is too much the title company cuts a check back to the consumer.
Now obviously this day is a little more complex then this but between the realtor(s)/title company and lender they should be making it a day that is Simple-Fast and Hassle Free.
More to come about the appriasal and the title company.
Have a great week!
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