Congratulations! You are now the proud owner of your new home.

The Signing: When the lender is ready to "close" your loan, or "fund" it, your real estate agent and your mortgage broker will have you sign the final loan documents. Signing will typically take place in front of a notary or an escrow officer. Be prepared to:

• Bring a cashiers check for your down payment and closing costs if required. Personal checks are normally not accepted.
• Bring your driver's license or acceptable photo ID
  
• Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Have your REALTOR® review the documents if you need a second set of eyes. This is CRITICAL
because there may be prepayment penalties or terms you were not aware of previously
• Verify that the name and address on the loan documents are accurate.
  
• Sign the loan documents.
  

Your loan will normally close shortly after you have signed the loan documents. On refinance and home equity loan transactions federal law requires that you have 3 days to review the documents before your loan transaction can close.

Allow yourself enough time to review the documents for accuracy.

Wiring Funds: "Wiring instructions" direct the electronic transfer of money between financial companies. If possible, arrange to have the wiring instructions in place ahead of time and checked for accuracy by both the sender and recipient of the wire. It is critical that these instructions be exact, and even so, delays are all too common.

Congratulations! Your mortgage broker will probably call you to confirm that the money has been transferred and the loan has closed. Always follow up with a phone call to confirm that your loan funds went where they were supposed to go. It is a good idea to keep records of this critical phase of the transaction once completed.

Mortgage Brokers and Lenders: The mortgage broker is the person or company who is your main contact throughout your loan. They are often able to work with a number of lenders, who actually provide the funds for the loan. Typically, the lender pays the mortgage broker a fee for acting as the intermediary and providing all the customer service.

Stay in Communication: The lender will have an analyst, usually called an "underwriter", crunch your numbers and verify your documentation to confirm your ability to repay the loan. Once you are in contract on a property, there may also be a loan approval committee which will meet to review the underwriters' conclusions regarding your creditworthiness, and to evaluate the property on which they are lending. This is called the underwriting process, and questions are bound to arise. Be sure to return your mortgage broker's calls promptly to keep the process moving forward smoothly. Check in with your broker periodically.

Other Considerations.This is not the time to make any major purchases. Do not buy a car, furniture or another house until your loan is closed. Anything that causes your debts to increase might have an adverse affect on your current application. Do not move money into your bank accounts unless it can be traced. And if you are receiving money from friends, family or other relatives, contact your lender first.

After the Closing: You'll want to verify that all documents have been recorded properly with the tax assessor's office. You can usually find this information online at the property appraiser's web site

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