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The Closing Phase
At least 48 hours before your scheduled closing, the lender sends its closing documents and instructions to the title company. The title company then prepares all of your final paperwork and sends out an initial Settlement Statement (HUD-1) summarizing all of the closing costs and funds being transferred for your purchase. We carefully review every single line item to ensure accuracy and inform the title company immediately if changes need to be made. You will also have an opportunity to review the entire Settlement Statement prior to the day you will be closing. Once we have everyone's approval, we are ready to close.
At closing, the escrow officer will walk you page-by-page through the required paperwork. In most cases, your real estate agent and your loan officer will be there to assist you. Once the seller has also signed everything, the title company sends copies to the investors and requests funding which sometimes does not take place until the following business day. Generally the seller turns over the keys after funding has taken place. We will call you when your loan funds so that you know the process is complete. Apply Now
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Chad Bowman
Mortgage Broker #74698
(512) 646-0800
Email Chad
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© 2007-2008 Bowman Finance, LLC |
Bowman Finance, LLC
7217 McNeil Dr., Ste. 109
Austin, Texas 78729
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Bowman Finance does not provide tax or legal advice under any circumstances and always
recommends
you consult with a licensed tax advisor or licensed attorney for such advice. |
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