Mortgage Closing Process

Mortgage Closing Process


Unless you have gone through it before, the mortgage closing process can seem a bit mysterious. Once you understand what happens, though, you will see that the process is fairly straightforward. Closing will occur once your loan is approved and all conditions of your sales agreement and loan are met and approved.

Home Buying Process

Before your loan can close, many people will be hard at work to get everything done. The buyer and seller reach an agreement, at which point the loan application and approval process occurs. Next is home inspections, contingencies and conditions of the purchase agreement, and final documents requested by us. At this point, closing can be scheduled.

Mortgage Closing Process

During the buying process, the following steps must be completed:

  • Preapproval for a loan
  • Buyer makes offer that is accepted
  • Loan application is submitted and we provide Loan Estimate
  • Escrow company requests documents and completes escrow requirements
  • Property appraisal and inspection
  • Closing Disclosure is provided
Mortgage Closing Information

Mortgage Loan Closing


To get ready for your closing, get together any documents you have received, such as your Loan Estimate, proof of title search, proof of homeowners insurance, purchase agreement, home inspection reports, and home appraisal.

You will need to sign documents during closing, including the agreement between you and the seller and between you and the lender.

You will also pay escrow and lender fees, or closing costs. Depending on your loan, you may be able to roll closing costs into your mortgage. Some lenders will also pay closing costs if you want to trade off for a higher interest rate.

An agent will conduct the closing meeting and make sure all documents are signed and recorded. The closing may occur at the title company, lender's office, escrow company, or settlement agent's office. You will need to sign the Closing Disclosure, which includes the closing costs; the final Truth in Lending Act statement that covers your APR and loan costs; the mortgage note that states your promise to repay the loan; and the mortgage or deed of trust that secures the note.

Once these documents are reviewed and signed, you will get the keys to your new home.

Mortgage Requirements

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Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at Legal Information.

MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:
  • Rates are subject to change at any time.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Payments will vary based on program selection, current rates, property location, etc.
  • Not all programs are available in all states.
  • Some loan programs may not be available to first time home buyers.
  • Terms and conditions apply, which may include restrictions or limits per loan program.
  • Information is generally based on primary residence occupancy with no cash out when refinancing.
  • Unless otherwise stated, terms shown are estimates based in part on credit score of 700 or higher; owner occupancy, escrow account is established for taxes and insurance(s); debt-to-income ratio no higher than 43.0%; PMI applies to conventional loan programs over 80.0% LTV; VA,FHA & RD require insuring fees included in loan and/or payment; fixed rate, 30 year term.

An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020