What happens at the loan closing?
The closing will take place at one of Capitol Federal's offices in your area. If you are purchasing a home, the seller may also be at the closing to transfer ownership to you, but in some states, these two events actually happen separately.
During the closing, you will be reviewing and signing several loan papers. The Closer conducting the closing should be able to answer any questions you have.
Just to make sure there are no surprises at closing, Capitol Federal® will provide you with a copy of the Closing Disclosure at least three business days in advance of the closing to allow you time to review and ask questions. Be aware that certain changes made at this point in the transaction could require the lender to send you a revised Closing Disclosure and the law will require a new three day waiting period to allow you to review the changes.
The most important documents you will be signing at the closing include:
Closing Disclosure
This document provides an itemized listing of the final fees charged in connection with your loan. If your loan is a purchase, the Closing Disclosure will also include a listing of any fees related to the transaction between you and the seller. If this loan will be a refinance, the Closing Disclosure will show the pay-off amounts of any mortgages that will be paid in full with your new loan. This document also discloses additional terms and conditions of the mortgage, including the annual percentage rate (APR) and other calculations relative to your loan. The Closing Disclosure also compares what fees were disclosed to you on the Loan Estimate to what they are at closing. Certain fees are not allowed to be increased unless there has been a “Changed Circumstance”. Be sure to ask your Closer about any increase.
Note
This is the document you sign to agree to repay your mortgage. The note will provide you with all the details of your loan, including the interest rate and length of time to repay the loan. It also explains the penalties you may incur, if you fall behind in making your payments.
Mortgage / Deed of Trust
This document pledges a property to the lender as security for repayment of a debt. Essentially, this means you will give your property up to the lender in the event you cannot make the mortgage payments. The Mortgage/Deed of Trust restates the basic information contained in the note and details the responsibilities of the borrower. In Missouri, the document is called a Deed of Trust instead of a Mortgage.
If your loan is a refinance, Federal Law requires you have three days to decide positively you want a new mortgage after you sign the documents. This means the loan funds won't be disbursed until three business days have passed. The Closer will provide more details at the closing.
Will I need to have an attorney represent me at closing?
In some areas of the country, it is customary, and sometimes required by law, to have an attorney represent you at the closing. In other areas, attorneys are not as common at a real estate closing. Please contact your Loan Officer if you have questions about attorney representation. By all means, we recommend you have an attorney at the closing, if it would make you more comfortable. If your attorney has any questions about your new mortgage, please refer them to your Loan Originator. We'd be happy to provide any information necessary.
Can I get advanced copies of the documents I will be signing at closing?
The most important documents you will sign at closing are the note and mortgage or deed of trust. Unless there are special circumstances, these documents are usually prepared by the Closer one to two days before your closing. The Closing Disclosure is typically prepared a week in advance and provided to you at least three business days prior to your closing. If you would like copies of documents other than the Closing Disclosure prior to closing, please contact your Closer.
I won't be able to attend the closing. What other options are there?
If you won't be able to attend the loan closing, contact your Closer to discuss other options. We're able to mail you the documents in advance so that you can sign them and forward them to the Closer. We're sure to have a solution that will work in your circumstances.
If I apply, where will the closing take place?
For your convenience, we’ll schedule your closing to take place in one of our offices located near your home or your work.
Can I make my monthly payments with an automated debit from my checking account?
Automated monthly payments are available. At the loan closing an automated payment application will be provided. Simply return it at your earliest convenience to enroll in the automated payment program.
