OCEAN PACIFIC MORTGAGE
"For All Your Mortgage Needs"
Meet the Broker!
Thank you for coming and visiting Ocean Pacific Mortgage. I have over 10+ years exp. helping people get the best program and lowest rate possible. Ocean Pacific has a variety of loan programs to choose from. Feel free to call me at 509-599-1565. Thanks again!
FSBO LISTINGS
Nice Rancher!
443 N. Larri Lee Post Falls Idaho. 3bed 2 bath rancher in excellent condition. Price $179,900
see picsGreat Deal!
1264 E. Warm Springs Post Falls Idaho. 4bed 3 bath rancher with basement. Price $379,900
see picsLots of Land!
395 Memory lane Oldtown, Idaho. 4bed 3 bath on 5.7 acres. Price $299,900
Add your listing to Coeur d'Alenefsbo.comThe Home Buying Process
Before You Begin | Choose the Right Loan for You
Picking Rates, Points and APR |Getting Pre-Approved
| Closing Your Loan | From Contract to Closing
Step 5: Closing Your Loan
The closing (or settlement) is the actual transfer of ownership from the seller
to the buyer. At the closing, you will sign the paperwork, pay the
final closing costs and finally take ownership of your new home. We'll work
together to schedule a closing date, which is indicated on your purchase agreement.
Although the closing process varies by state, many activities are standard. For the closing costs, you'll need to obtain a certified or cashier's
check, since personal checks usually aren't accepted by the title or escrow company.
What Happens at Closing
Closing costs and practices vary depending on your location, the type of property
you're buying (house, condo or co-op) and individual circumstances. In some states, a
neutral third party, usually an escrow company that is mutually chosen by the
buyer and seller, transacts the entire closing process. In others, title companies customarily
oversee the process. In the remainder, attorneys are engaged. We'll be in contact,
so you know what to expect.
The closing, typically held at a title and trust company, is the final
hurdle to calling the house your home. You, the seller, real estate agents,
the lawyers, the lender and any other interested parties will attend.
The steps below explain what usually happens during and after closing:
seller sign the settlement sheet.
and Truth-in-Lending statement. Evidence of the required insurance and inspections is presented.
or cashier's check to cover your down payment and closing costs. (Or, in
some proceedings, it is drawn from an escrow account established for your home purchase.)
escrow account (or reserve) is established.
Key Closing Documents You'll Receive
HUD-1 Settlement Sheet
This itemizes the services provided and the charges to the buyer and the
seller. You should be allowed to review this form shortly before your closing
meeting so you know your closing costs in advance.
Truth-in-Lending (TIL) Disclosure
You should be mailed your initial TIL disclosure within three business days
of applying for a home loan. It outlines the costs of your loan
and discloses the annual percentage rate (APR) and other terms of the loan,
including the finance charge, the amount financed, the payment amount and the total
payments required. Since it's possible that the APR calculated at the time of
your loan application will change a little before closing, your lender is
required to give you the final version of your TIL disclosure at or
prior to the closing meeting.
Deed of Trust or Mortgage (also known as the Security Instrument)
These documents convey a lien in your property as security for repayment of
your home loan. (This means that if you default on your loan,
your lender has the right to foreclose your ownership interest and take
possession of the property.)
The Note
The mortgage (or promissory) note represents your promise to pay the lender
according to the agreed terms. It includes the dates on which your home loan payments
must be made and the location to which payments must be sent.