The home buying process is full of paperwork, important dates, contracts, market movements and checklists that can overwhelm anyone. That is why it is important to team up with an expert Loan Officer from Uwharrie Bank and an experienced Realtor. Their combined experience will help you clear every hurdle that might come your way during the process. This experienced team, becomes your team and can help set the right expectations for your success.
The loan closing is the culmination of your team's efforts and should be a celebration for you and your family. However, choosing the wrong teammate to be your Loan Officer or your Realtor can result in huge problems an delays. Our professional team will more than prove their value on your important home purchase.
Our Closing department is the best at dotting all of the "i"s and crossing all of the "t"s and moving proactively to ensure your closing is smooth and happens on time, every time.
Even though your lender may have provided a prequalification letter, there will be several conditions that we will need your help with in order to be successful. Prior-to-closing conditions are very common in today's market. These are seemingly new conditions that surface as a result of other required documents being received late in the process. Don't panic, with your cooperation, our team will work with you and make the closing happen on time.
Common Prior-to-Closing Conditions -
1. Updated Income/Asset Documentation;
Make sure you continue to save all of your new paystubs and financial statements as you move through the process. There are times we will need updated documents as you get closer to closing.
2. Credit Inquires;
In today's market, lenders monitor and will receive a notice from a creditor if you have applied for new credit. The lender is checking to see if any new credit has been extended to you that may not have been calculated in your total debts. An inquiry that results in a new loan, can be something that will impact your ability to qualify. For example, a new car payment, furniture loan payment or a loan that you co-signed to help out a family member, can be something that will impact your ability to qualify for your mortgage loan.
3. Employment Verification;
Uwharrie Bank and all lenders will make sure you are still actively employed in the position that is listed on your loan application a few days prior to closing your mortgage loan.
4. Funds for Closing;
Lenders will want to source where the funds for the transaction are coming from and to verify that it is your money that has been deposited into your bank account. The same applies for gift funds.
5. Title and Judgment Searches;
The Closing Attorney will search the chain of ownership for the property that you are buying (chain of title) to verify the Sellers have the right and ability to sell and convey the property to you and your family. These searches could also reveal judgements against you or the Sellers, along with liens against the property you are buying or selling. Sometimes, even an old mortgage appears against the property since it was never properly discharged. Uwharrie Bank, the title company, and your attorney want to ensure that your closing results in your clear ownership of the property.
6. Homeowners and Flood Insurance Coverage;
Lenders want to review your policy several days prior to closing to make sure coverage is sufficient, is in full force and is accurately accounted for in your monthly mortgage payment.
Items to Bring to Closing Appointment:
Your Realtor and Uwharrie Bank will provide you with a final list of documents that you will need to bring to closing. In addition you will need the following:
1. Funds to Close
If you are required to bring in a down payment and/or pay for closing costs to finalize the transaction, the Closing Attorney will provide you with the dollar amount and wiring instructions prior to the loan closing. The attorney and Loan Officer will provide you with a full breakdown of all fees/costs involved in the transaction. Keep in mind, it is important to make sure these funds to close come from the proper sources.
2. Proof of Identification
Official driver's license or state ID card. Passports work as well.
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