Anyone work in real estate lending?

[senseandsensibility]

Or gone through a refinance lately? I have to sign the final papers for a refi today and I'm a nervous nelly about these things. <aybe it's this administrtion that is so anti consumer, but I keep thinking that they're gonna try to pull something. It's kind of irrational, I guess.

What should I look out for?

[GumboYaYa]

1. Check your settlement statement carefully.

Take a claculator with you to closing and check every entry on the Settlement Statement. More often than not you will find mistakes there and, lo and behold, they are usually not in your favor.

[senseandsensibility]

2. Thanks

That's a good idea. Is the settlement agent the person at the title company that I will meet today? I've seen that term and I don't know who they're referring to.

[GumboYaYa]

3. You will close at a title company/agency.

They will prepare the Settlement Statement based on the Lenders instructions and the HUD-1. The settlment statement will include the costs chargeable to you and the cash comming from the lender, any pre pays by you, etc. It is a 2-3 page document with all the possible expenses itemized. Check it carefully and understand the charges that apply to you. Frequently, you will find mistakes on the Settlement Statement.

Most of the other documents that you will sign (Promissory Note , Deed of Trust, Affidavits, etc.) are filled with boilerplate legal jargon that will not mean much to you. The Settlement Statement tells you how much cash you get or owe, so it is very important.