Page 28 - Sept 2017

What to expect during a closing
If you are buying a home for the first time — or if it’s been a while since you bought one — you might be wondering what to expect when
Sometimes called a settlement, a closing is the last step in the process of
ness days before the closing date so that you have time to review it and ask questions.
What to bring
Closings vary from purchase to purchase, but you’ll most likely need to bring a current driver’s license or passport, a cashier’s check or certified check for the down payment and closing costs (if it’s over $50,000, you will need to wire the funds), proof of insurance and a copy of the final contract. If you are separated or going through a divorce, be sure to bring a copy of any relevant agreements or court orders
as well. d
If you are considering buying or refinancing an investment property, please feel free to reach out to me to discuss our available financing options. Blueleaf Lending is unique- ly positioned to offer loan programs for one- to four-unit properties as well as loan programs for all types of com- mercial properties. Call me today at 773-250-6492 or email me at mcoyne@blueleaflending.com if you would like to discuss!
MIKE COYNE
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Keep reading so you’ll be prepared when the big day comes.
What is a closing?
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omes time to close on your purchase.
buying and financing a home. The parties involved meet at a predetermined location to sign the necessary documents to finish the transaction. This meeting could include buyers, sellers, loan officers, real estate agents, attorneys and representatives from the title insurance and escrow companies.
How to prepare
Be sure to go over the closing disclosure thoroughly. This five-page form lets you know how much your pro- jected mortgage payments will be, what the terms of your loan are and which fees you will be expected to pay. The numbers on this document should be similar to the loan estimate you previously received. Federal law dictates that you receive the closing disclosure at least three busi-
FOP Finance
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28 CHICAGO LODGE 7 ■ SEPTEMBER 2017