How A Home Loan Closing Works
Most people do not understand how a closing works, and all the details involved. Advantage Lending Corp makes the process easy. Having a trusted and experienced mortgage broker that understands all the details and can forecast potential issues that need to be resolved prior to closing is the key.

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At the closing, ownership of the newly purchased home is officially transferred from the seller to you.
Who is involved?
- It may involve you, the seller, the real estate agent, your attorney, the lender’s attorney, representatives from the title or escrow firm, and a variety of clerks, secretaries, and other staff.
- It is possible to have an attorney act on your behalf if you cannot attend the meeting (for example, if the house is in another state).
- Closing can take as little time as an hour to sign all the forms and transfer ownership, or it can take several hours, depending on the contingency clauses in the purchase offer (and any escrow accounts that may need to be set up).
Settlement
In most states, settlement is done by a title or escrow firm to which you forward all the materials and information along with the appropriate cashiers’ checks, and the firm will make the necessary disbursements.
The real estate agent or another representative of the title company will deliver the check to the seller and the house keys to you.
To find the loan option that fits you best, contact us to get pre-approved. It only takes about 10 minutes, can be done over the phone, and all the information we will need to know you will probably know right off the top of your head.
Paperwork
- Much of the paperwork involved in closing (or settlement) is done by attorneys and real estate professionals.
- You may be involved in some of the closing activities and not in others, depending on local customs and on the professionals with whom you are working.
Things To Do Before You Close
Before you close on the house, you should have a final inspection, or walk-through, to make sure any repairs you requested have been made and that items which were to remain with the house (drapes, light fixtures) are still there.
Popular Home Loan Programs
Conventional Loans
Used for Primary Residence, Second Homes and Investment properties.
FHA Streamline Refinance
A FHA Streamline is a mortgage with reduced documentation, does not require an appraisal.
Fixed Rate Mortgages
Available on all loan types: Conventional, FHA, VA, R&D Loans, Reverse Mortgages, & more.
FHA Loans
Used for Primary Residence only and are HUD insured.
VA Loans
Used for Primary Residence only and are insured by the Department of Veterans Affairs.
Jumbo Loans
Used for Primary Residence, Second Homes and Investment properties. Loans over $647,200.
Reverse Mortgages
Used for Primary Residence only and are HUD insured. Must be 62 years of age or older.
USDA Zero-Down Loans
Used for Primary Residence only and are HUD insured. Typically rural properties.
Bank Statement Non-Conforming Loans
Used for Primary Residence, Second Homes and Investment properties. For the self-employed.
203k Home Improvement Loan
HUD’s program for the rehabilitation and renovation of single family properties.





