Modular Home Loans
Closing on your loan is the execution of your construction loan and permanent mortgage giving you the green light to build your prefab home. At the time of the closing you will need a closing agent who will review the closing pac
- Modular Home Loan Closing Agent - Who represent you at the time of closing is your choice. In the past is was an attorney, often people choose closing agents. The attorney or closing agent will review the closing package and execute the settlement documents required for your modular home mortgage.
- Closing Package - Your lender will send your closing agent or attorney a package of closing instructions for your prefab home loan. The closing package informs the agent how they desire the loan documents executed for the loan.
- Title Insurance - A title company or attorney will provide the title insurance to the lender. Title insurance is for the amount of the entire permanent mortgage. Title insurance makes sure or insures that the the building lot for your prefab or modular home does not have any outstanding liens or judgements. In other words - you have a clean title to the property deed.
- Property Taxes - Your bank will also require current property tax information on your modular home's building lot.
- Recorded Mortgage - Your attorney or closing agent will record the mortgage documents at your local court house before sending the mortgage documents to your bank.
- Closing Costs and Fees - There will be closing cost on your modular home mortgage to pay lending fees and closing costs. In the beginning the bank provided you with a "Good" faith estimate for closing costs. As mentioned earlier - the bank usually will estimate high. This is for your protection and to minimize additional cost surprises at closing on your loan At closing you will be given the actual charges for your attorney or closing agent fees and are required by the truth in lending act. The form that is used is called a HUD-1.
- HUD-1 - The HUD-1 is your receipt or copy representing the closing of your modular home loan. The Hud-1 lists all of the expenses that were paid at closing - usually the total amount on your HUD-1 is less than on the Good faith estimate.