What Happens After Your Mortgage Loan Is Approved

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 After your mortgage loan is approved, several key steps typically follow to finalize the loan and complete the home buying process:

  1. Loan documents preparation: The lender prepares the final loan documents, including the loan agreement, promissory note, and other disclosures required by law. These documents outline the terms and conditions of the loan, including the loan amount, interest rate, repayment schedule, and any other pertinent details.

  2. Review and signing: You, as the borrower, review and sign the loan documents. This may take place at the lender's office, the title company, or another location convenient for both parties. Ensure that you carefully review all the terms and conditions before signing to understand your obligations as a borrower.

  3. Closing disclosure: Before the loan closing, you receive a Closing Disclosure, which provides a detailed breakdown of the final loan terms, closing costs, and any prepaid expenses. Review this document carefully to ensure accuracy and compare it with the Loan Estimate provided earlier in the process.

  4. Funding: Once all the loan documents are signed and the Closing Disclosure is acknowledged, the lender disburses the loan funds to the closing agent, typically a title or escrow company. These funds are used to pay off the seller, cover closing costs, and complete the purchase transaction.

  5. Title transfer: At the closing, ownership of the property officially transfers from the seller to you, the buyer. You receive the keys to the property and take possession of your new home.

  6. Recordation: After the closing, the deed and mortgage documents are recorded with the appropriate government office, such as the county recorder's office. This officially documents the transfer of ownership and the lender's lien on the property.

  7. Commencement of loan payments: Depending on the loan terms, you typically begin making mortgage payments according to the agreed-upon schedule, usually starting the following month after closing.

Throughout this process, it's essential to stay in communication with your lender, real estate agent, and closing agent to address any questions or concerns and ensure a smooth closing experience.

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