1.The closing is conducted by the seller’s agent.True or False 2.Select the list that has the steps of the closing process in the right order. 1. Do final walk-through Purchase homeowners insurance Sign closing documents Apply for mortgage 2. Apply for mortgage Do final walk-through Sign closing documents Purchase homeowners insurance 3.Apply for mortgage Purchase homeowners insurance Do final walk-through Sign closing documents 3. Select the best description of the mortgage note. 1.It commits you to paying your loan 2.It lists all costs associated with your loan 4. Which one of these documents itemizes the closing costs and explains the terms of your loan? 1.Appraisal 2.Closing disclosure 3.Deed 4.Affidavit
Answer1: False Closing is conducted by closing agent. 2: 3.Apply for mortgage Purchase homeowners insurance Do final walk-through Sign closing documents In the home closing process, first the application is made, then the buyer buys the home insurance. Thereafter the final walk through is done by signing the closing documents. 3: 2.It lists all costs associated with your loan The mortgage note written promise to repay a specific loan amount plus interest at a given rate and length of time. 4: 2 Closing disclosure
The closing disclosure lists the terms of the loan and the monthly payments as well as fees and costs of loan.