The Closing Process

Preparing for Your Home Loan Closing

Whether this is your first home loan closing or if you have been through this process many times, the process can be confusing. Here are some helpful tips.

You will receive a Closing Disclosure from Draper and Kramer Mortgage Corp. prior to your closing. It is imperative that you review the information contained within the form sign and return it to Draper and Kramer Mortgage Corp. promptly in order to ensure that your closing occurs on time. If you have any questions about the form or the figures, please contact your Loan Officer or Processing Team immediately. If this form is not signed and returned, your closing may be delayed.

Your Loan Officer or Processing Team will contact you when the Closing Disclosure is available to advise you of how much money you will need to bring to closing (if any). The funds will need to be in the form of a wire or cashier’s check. Certain states and title companies have requirements as to whether funds must be wired or in the form of a cashier’s check, so the title company will inform you as to which method will be acceptable. If a cashier’s check is used it must reflect you (the borrower) as the remitter. Your Attorney or Loan Officer can help guide you through this process.

Should you be required to wire funds to the settlement agent, only use the wiring instructions provided to you by your Attorney, Loan Officer, Processing Team or Settlement Agent/Title Company.

Other parties, such as your spouse, civil union partner or others who may be in title to the property may need to attend the closing for the purposes of signing the closing documents. Please check with your Attorney, Loan Officer, Processing Team or Settlement Agent/Title Company.

If you intend to take title to the property in trust, please let your Loan Officer know immediately so that we can review and approve the required documentation as soon as possible.

If you or someone else who is required to attend closing cannot attend, please let your Loan Officer know immediately. A Power of Attorney may be permissible or other arrangements for signing the closing documents may need to be made.

You must bring a valid photo identification to closing. Acceptable forms include a passport or a government issued ID or Driver’s License.

At the time of your closing, you should take time to review all of the documents paying special attention to the following:

  • Loan type, interest rate, monthly payment and other terms.
  • Is there an escrow account or will you be responsible for paying items such as taxes and insurance on your own?
  • All of your personal information such as the spelling of your name(s), your phone number, addresses and social security number.

For reference, the endorsement information for Draper and Kramer Mortgage Corp. is:
Draper and Kramer Mortgage Corp., ISAOA ATIMA
1431 Opus Place, Suite 200
Downers Grove, IL 60515

Your settlement agent or notary should provide you with a complete copy of the entire closing package. If they do not, please request it from them. You should retain these documents in a safe place for future reference. The package will include a first payment coupon and a customer service contact phone number.

We are unable to provide legal advice. You are encouraged to obtain legal representation.