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What You Must Bring to Closing.
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Certified Check (made out to yourself). In your planning, be sure to allow time to arrange for and obtain these funds. If you still have no final number on the day of closing, bring a certified check for the last approximate number that you received. The difference can be made up with a personal check (if you owe more) or you will be reimbursed (if you owe less). |
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Insurance. You will need to obtain and present the actual homeowner's policy from your insurance company (unless you are buying a condominium). Your insurance agent should know exactly what is needed. We suggest you arrange for this no later than two weeks prior to the expected closing date. |
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Driver's license. |
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Closing Documents.
The documents necessary to convey your new home to you and to close the loan from us as the mortgage company will be executed and delivered at closing. The principal documents include:
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Limited Warranty Deed: The Warranty Deed conveys the home and lot to you, subject only to permitted exceptions. |
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Promissory Note: The Promissory Note is from you, payable to the lender in the principal amount of the loan, plus interest. |
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Security Deed: This encumbers your home as security for repayment of the Promissory Note. |
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Truth-In-Lending Disclosure: This disclosure is a document that provides you with information about the effective cost of your loan. It shows the annual percentage rate (cost of your credit as a yearly rate), finance charge, amount financed and the total of payments. |
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Owners Title Insurance: In Georgia, the title insurance that is part of the closing costs is for the protection of the lender only, not the purchaser / borrower. The seller does not provide title coverage for the purchaser / borrower. It is STRONGLY recommended and you should discuss this with the closing attorney. This is a one-time premium and protects your equity forever. The title insurance policy should be kept with your other valuable papers. |
In addition to these standard items, the Title Company, Real Estate Company and United International Mortgage Company will require other documents to be signed. |
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United International
Mortgage Corporation
3 East Main Street
Buford, Georgia 30518
Georgia Residential Mortgage Licensee #18883
e-mail: info@uimortgage.com
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Closing Date.
If you are a purchase transaction, your real estate agent will need to schedule your closing with one of our approved attorneys. If you do not have a real estate agent, please coordinate your closing date with the seller and then notify your processor. If you are a refinance, we will schedule the closing with you when your loan is approved.
Closing Location.
If you are a purchase transaction, your real estate agent will let you know where you are closing. If you are a refinance, we will chose a closing attorney that is convenient to you.
Closing Expenses.
Certain customary items in connection with the property will be prorated to reflect the respective periods that you and the seller own the property (for example, taxes and homeowner association fees if applicable).
Pro-rations of general real property taxes and assessments will be based on the current year's taxes and assessments. If they are not yet available they will be estimated on the taxes and assessments for the prior year. All adjustments and pro-rations at closing may be adjusted when actual bills are received.
The Final Number.
The final cost figure is usually available only very near to the actual closing. Although a reasonably close estimate may be determined prior to the date of closing, there are several items included in the final total which are subject to last minute adjustments. Do not be alarmed if the morning of your closing, you still have no final number. In the event you are ready to go to the closing, and no final number is available, it is best to have a certified check for the "good faith" estimate amount.
At the Closing Table.
The closing attorney is not authorized to negotiate or make representation on behalf of either party at the closing. Therefore, please discuss any questions, agreements, or other details directly with your Real Estate Agent in advance of the closing.
The closing itself will take approximately one hour. During that time, you will be signing many documents, and will not have the opportunity to read each and every one in its entirety. These are standard industry-wide documents. The majority of them are at the end of this booklet. |
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