When will my closing take place?

Your closing will take place when several procedures have been completed and your loan has been "cleared to close". The processes involved generally are bank clearance (which means the bank is satisfied with all financial, appraisal and credit requirements),

Title clearance (which means the closing agent is satisfied with lien, tax and ownership requirements as to the property itself, and if your property is a coop or condo, board clearance advising us that their paperwork is complete and their approval process is complete.

Once all the above clearances are obtained, the closing will be set.

Where will my closing take place?

The closing will be held in one of our conveniently located state of the art offices located conveniently throughout the Long Island and New York Metropolitan area. If your broker requests your closing be held in their office, we will make any accommodations that we can.

What happens at the loan closing?

If you are refinancing your home, you will appear at our office and meet a closing attorney who will greet you, review the details of your loan, and explain the documents to you so that you may sign them while knowing what they entail. You will also meet with a title representative, often called a title closer, who will represent the title company with respect to their clearance needs.

If you are purchasing a home, you will appear with your attorney at our office, and your attorney will review documents with you, and work closely with our closing attorney to effect a smooth and orderly transition of the property to you.

What are the documents I will be signing at closing?

The closing attorney will gladly explain the documents and the figures with you. The most important documents you will be signing at the closing include:

• NOTE

This is the document in which you agree to repay the sum of money that you are borrowing. The Note will provide you with all the terms of your loan, including the interest rate, the length of the loan, the payment and the penalties should you fail to pay your loan on time.

• MORTGAGE

  This is the document in which you pledge your property as security for repayment of the money borrowed. Essentially this means that a lien will be placed on your property by way of a recorded Mortgage (recorded in the County Clerk 's Office), and in the event you cannot make your mortgage payments, you may lose the property to the bank. The Mortgage restates the basic information contained in the Note described above, as well as the obligations and rights of you, the borrower.

• HUD-1 SETTLEMENT STATEMENT

  This document is a detailed listing of all the final fees charged or collected in connection with your loan. The settlement statement will show all fees, mortgage payoff amounts, title fees, recording fees, settlement fees, taxes paid, insurance paid, in addition to any amounts paid to the buyer or seller on your transaction. Your accountant or attorney will likely need this document in the future for tax purposes or to prepare your closing statement.

• DISBURSEMENT AUTHORIZATION

  This document is a detailed listing of all the checks which are authorized by you to be cut for the purpose of closing the loan. Some of the checks will be payable for your prior mortgage, to the title company, the broker, the lender, and us, the closing agent.