Step Five: The Loan Closing
Once your loan is approved, you will be asked to provide documentation of insurance on the home and property. If you do not have an insurance company, Emerald Bank can help you by providing you with a list of insurance companies from which to choose.
You may also be asked to bring proof of payment to any association fees due in connection with your particular property (like condominium fees, etc.).
Your loan officer will also help with PMI Insurance if your down payment is less than the standard 20%.
Closing your loan also requires the payment of closing costs. These include title fees, appraisal fees, credit report fees, title insurance fees, survey, inspections and the like. Your Emerald Bank lender will carefully review these and any prepayments with you so you will know your obligation.
You will be asked at this time about setting up your payments. Emerald Bank is extremely flexible in this area. You can pay your mortgage monthly, bi-monthly or weekly. Depending on your frequency of payment, you may be reducing your loan term and saving money on interest with no penalty. By keeping your loan current and paying money more frequently, you will be reducing the principal faster, thus shortening your loan term. Emerald Bank also offers better rates for direct withdrawal from a Emerald Bank deposit account. Ask your lender.
Your personal circumstances may be different.