Three days prior to closing, you will receive a Closing Disclosure (CD). It is a precise record of the settlement costs associated with the loan transaction.

At closing, you will:

  1. Sign legal documents finalizing your agreements both with Castle & Cooke Mortgage regarding the terms and conditions of your mortgage, and with the seller transferring ownership of the property.
  2. Pay closing costs, as determined by the negotiation of your purchase contract.
  3. Receive the following documents:

Mortgage Note

This document states your promise to repay the mortgage. It indicates the amount and terms of the loan and what the lender can do if you default on payments.

Mortgage/Deed of Trust

Secures the note and gives the lender a claim against the home if you fail to live up to the terms of the mortgage note.

After reviewing and signing all closing documents and paying any closing costs, the funds will be sent by the lender to the settlement agent for appropriate distribution. This is considered settlement. Then, the settlement agent will disburse the funds to the respective parties and officially record the change of ownership. This is considered funding. At this point, the home financing process will be complete and you will take ownership of your new home.

Ready to take the next step in your home buying journey? Let Castle & Cooke Mortgage be your partner in a smooth loan process.

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