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What happens at the loan closing?
Will I need to have an attorney represent me at closing?
Who will be at the closing?
I won't be able to attend the closing. What other options are there?
If I apply, where will the closing take place?
Can I make my monthly payments with an automated debit from my checking account?
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Most of our closings take place at one of our branch locations, though occasionally we do employ title companies. If you are purchasing a new home, the seller may also be at the closing to transfer ownership to you.

During the closing you will be reviewing and signing several loan papers. The loan officer or closing agent conducting the closing should be able to answer any of your questions.

Just to make sure there are no surprises at closing, we will contact you a day or so before closing to review your final fees, funds for closing, first payment date, and other important details.

The most important documents you will be signing at the closing include:

HUD-1 Settlement Statement

This document provides an itemized listing of the final fees charged in connection with your loan. If your loan is a purchase, the settlement statement 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 settlement statement will show the pay off amounts of any mortgages that will be paid in full with your new loan. Most items on the statement are numbered according to a standardized system used by all lenders. These numbers will correspond to the numbers listed on the Good Faith Estimate that will be provided in your application package. This document is also commonly known as the closing statement and both the buyer and seller must sign this document.

Truth-in-Lending Statement (TIL)

This document provides full written disclosure of the terms and conditions of a mortgage, including the annual percentage rate (APR) and other fees. It is exactly the same as the TIL that you received immediately after your initial application, except it has been updated to reflect the final rate and fee information. Federal law requires that all lenders provide you with this document at closing.

Note

This is the document you sign to agree to repay your mortgage. The note will provide you with all of the details of your loan including the interest rate and length of time to repay the loan. It also explains the penalties that you may incur if you fall behind in making your payments.

Mortgage

This document pledges a property to the lender as security for repayment of a debt. Essentially this means that you will give your property up to the lender in the event that you cannot make the mortgage payments. The Mortgage restates the basic information contained in the note, as well as details the responsibilities of the borrower. In some states, the document is called a Deed of Trust instead of a Mortgage.

If your loan is a refinance, Federal Law requires that you have three business days (including Saturdays but excluding federal holidays) to decide positively that you want a new mortgage after you sign the documents. This means that the loan funds won't be disbursed until three business days have passed in between the day of closing and the disbursement date. Your loan officer or closing agent will provide more details at the closing.

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Attorneys are not common at our real estate closings. By all means, we recommend that 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 Officer. We'd be happy to provide any information necessary.

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Most often, your Loan Officer will represent Great Midwest Bank at the closing. If your closing takes place at a title company, a closing agent will provide an explanation of the documents.

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In some rare circumstances, we realize that you may not be able to attend the loan closing. We ask that you contact your Loan Officer to discuss other options. If someone you trust is able to attend on your behalf, you can execute a Power of Attorney so that this person can sign documents. In other cases, we're able to mail you the documents in advance so that you can sign them and have them notarized appropriately. We're sure to have a solution that will work..

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Many of our closings take place at one of our branch locations and are administered by your Loan Officer. In some cases, a title company may arrange for and administer the closing. Regardless of the location, be assured that your file will be handled professionally from start to finish and your Loan Officer will be with you all the way to answer any questions.

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Automated monthly payments are available. Great Midwest can complete a form at closing that allows you to do so - simply provide us with a voided check from the bank account you will be using.