If you are refinancing, the closing is generally 30-45 minutes, if you are purchasing a home the closing can take up to 2 hours.
This is an exciting time, your mortgage application has been approved and everything is ready. While you are committing up to 30 years of making payments to your bank, it is the easiest part of the mortgage process.
As stated during the signing of your application, make sure that you review the papers that you will be siginging and ask any questions that you may have. It is also a good idea to bring the Good Faith Estimate you recieved so that you can compare with the closing papers to make sure that all of the costs presented match the closing papers.
Good mortgage professionals will not make changes to your costs, and sometimes you will find some people will do this hoping that you will sign the papers anyway. If you are faced with changes in these numbers, it is a good idea to walk away and find another mortgage professional who understand that they are your advisor rather than your adversary. If the numbers are not right, the mortgage professional should be the first one to fix the issue, as errors do happen. Make sure that you understand the explanation that you receive for the number changes and you feel comfortable with them.
If the mortgage professional is offering explanations on why the numbers are different, rather than fixing them, chances are that your mortgage professional knew about it. This is a sign of a problem. You can easily find another mortgage professional and get another mortgage.
The mortgage process can be confusing and lenghty. If you know about the process, and what issues to expect the process can take less time and be easier.
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