Closing & Beyond

The closing will take place at the office of a title company, escrow office, or attorney in your area who will act as our agent. If you are purchasing a new home, the seller may also be at the closing to transfer ownership to you, but in most instances these two events actually happen separately.

During the closing you will be reviewing and signing several loan papers. The closing agent or attorney conducting the closing should be able to answer any questions you have or you can feel free to contact your Loan Originator if you prefer.

Just to make sure there are no surprises at closing, your Loan Originator will contact you a few days before closing to review your final fees, loan amount, first payment date, etc.

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 all of 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.

• Deed of Trust / Mortgage
  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 Deed of Trust 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 Mortgage instead of a Deed of Trust.

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 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.

The most important documents you will sign at closing are the note and deed of trust. Unless there are special circumstances, these documents are usually prepared one to two days before your closing. Other documents are prepared by the closing agent the day before or the day of your closing. If you would like copies of the completed documents to be sent to you after they are prepared, please contact your Loan Originator.

The closing agent acts as our agent and will represent us at the closing. It is also possible for your Loan Originator or Realtor to attend the closing to assist you with any additional questions you might have. However, whether your Loan Originator attends the closing or not, you will be contacted prior to closing to talk about your final documents and to provide a final breakdown of your closing fees. If you have any questions that the closing agent can't answer during the closing, ask them to contact your Loan Originator by phone and we'll get you the answers you need - before the closing is over!

We use a wide network of closing agents and attorneys to conduct our loan closings. We'll schedule your closing to take place in a location that is located near your home for your convenience.

We'll deliver our loan documents to the closing agent or attorney prior to closing so that they'll have plenty of time to prepare for your closing.

Yes, automated monthly payments are available for loans serviced by Alaska USA. If a mortgage product is selected that requires Alaska USA to release the loan to a third party for servicing, that company’s rules would apply and they should be contacted for available options. Generally, most companies have automated monthly payment options available.