Mortgage Closing Process

Have questions about mortgage closing costs or the loan closing process? Regions Mortgage is committed to closing your loan on time. The “loan closing” is when an actual purchase takes place — the finalized loan documents are signed, closing costs are paid and the mortgage funds are disbursed. Make sure to communicate with your Mortgage Loan Officer if you must close by a certain date so we can work closely with you and our support teams to ensure that everything is done to meet your target closing date.

Here are a few suggestions of tasks you can complete ahead of time to ensure a successful and timely mortgage closing:

• Work with your Mortgage Loan Officer to ensure you have any additional information and/or documentation that might be required at the time of your loan approval.
• Confirm with the closing agent if a certified check or money order will be required to pay closing costs. (Personal checks are not typically accepted.)
• Obtain homeowner’s insurance. This required insurance protects you against loss or damage due to theft, fire or certain weather-related hazards. In some areas, it may also be necessary to obtain flood insurance.
• Schedule a final walk-through of the home to inspect any repairs and/or improvements you may have required.
• Ask your Mortgage Loan Officer to review the closing disclosure with you at least 24 hours prior to closing.

At the mortgage closing, you’ll receive and review some important documents. If you have any questions about the loan closing documents, please ask the closing agent or your loan originator. You shouldn’t sign final loan documents until all issues are resolved. Some documents you’ll receive or review at your closing include:

Closing disclosure

This is an itemization of all funds and costs paid by the buyer and seller either at, or prior to, closing. It also includes the annual percentage rate (APR), finance charge and amount financed. These items should closely reflect the amounts disclosed to you on your loan estimate.

Deed of trust or mortgage

This document states that Regions receives a lien on your property as security for your loan.

Promissory note

The promissory note is your binding legal agreement to repay the money you borrowed to purchase your home.