Active Alert: MIT Federal Credit Union will never text, email or call you asking for personal or account information. Never click a link or download an attachment from someone you don't know. Fraud is on the rise; learn how to protect yourself. Learn more

Important note: In the aftermath of Hurricane Helene, MIT FCU is here to help. If you have been affected by the storm and need support, please get in touch with Member Services at (781) 423-2022 or email us at info@mitfcu.mit.edu.

Go to main content MIT Federal Credit Union

Join now

MIT FCU image
MIT FCU image
« Return to "Blog"

What Should I Expect at My Home Closing?

Authored By: MIT FCU

The closing will usually take place at a lawyer’s office or title company. If you are buying a new home the seller may be present to transfer ownership to you but it is not required. At most closings, the buyer and seller do not sit in the same room together.

During the closing you will be signing several documents. Feel free to ask the attorney any questions you may have. Your mortgage originator will contact you a few days before the closing to make sure that that there are no surprises at the closing and will also review final fees, loan amount, first payment date, etc. You may also get a chance to review the documents prior to closing so you can have a list of questions ready and perhaps get them answered before the closing.

The most important documents you will be signing at the closing include:

  • Note – This is the document you sign to agree to repay your mortgage. The note will provide you with the details of your loan including the interest rate and length of time to repay the loan. It also explains the penalties that you may incur if you fall behind in making your payments.
  • Mortgage / Deed of Trust - This document pledges a property to the lender as security for repayment of a debt. Essentially this means that you will give your property up to the lender in the event that you cannot make the mortgage payments. The Mortgage restates the basic information contained in the note, as well as details the responsibilities of the borrower. In some states, the document is called a Deed of Trust instead of a Mortgage.

If your loan is a refinance, Federal Law requires that you have three days to decide positively that you want a new mortgage after you sign the documents. This is called the rescission period. This means that the loan funds won't be disbursed until three business days have passed. The closing agent will provide more details at the closing. Have further questions, do not hesitate to contact us



« Return to "Blog"
Person giving house keys to another person in front of a green house
By
Home Ownership

Navigating the Mortgage Process

The loan process may seem like a daunting task but we’re here to make it as easy and as stress-free for you as possible.  Each borrower has different needs and circumstances, so we designed our loan application to not only collect important and needed information but to also provide you with an instant and customized list of items you will need to collect and provide. 

Read More

Unplugged lightbulbs sitting on a desk
By
Home Ownership

Utility Expenses - Gotta Light? (Lowering Your Energy Costs)

Thankfully, heating isn't the only utility that has seen advancement and offers multiple ways to save. Is there any way to reduce the cost of electricity?

Read More

All You Need to Know About Home Equity Loans
By
Home Ownership

All You Need to Know About Home Equity Loans

When you have equity built up in your home, borrowing against it with a home equity loan is a great way to tap into the money when you need it most.

Read More