How do you close the loan?

Upon approval of your loan, you will sign final loan documents in the presence of a notary public. You must be prepared at that time to offer proper identification, usually in the form of a drivers license. You should also be prepared for the following:

Down payment and closing costs: A cashier's check for the exact amount should be presented at this time. Personal checks are not acceptable.

Careful examination of the final loan documents: Take the time to read the fine print; check that every bit of information that appears on the loan, including the proper spelling of names and addresses, along with the terms of the loan and the interest rate, are correct.

Sign loan documents: The process is a little more detailed than it sounds; you will be signing and initialing many different agreements in many different places.

Loans typically close shortly after signing. Federal law requires that an individual be given three days right of refusal after signing before a refinance or a home equity loan transaction can officially close.