Live Chat - Click Here       Republic Bank - Home
What happens at the loan closing?
Will I need to have an attorney represent me at closing?
Can I get advanced copies of the documents I will be signing at closing?
Who will be at the closing?
I won't be able to attend the closing. What other options are there?
If I apply, where will the closing take place?
Can I make my monthly payments with an automated debit from my checking account?
When will I know the exact amount of money that I'll need at closing?
Who can I contact if I have questions?
How quickly can you close my loan?
What can you expect when you apply for a mortgage?
What is a Closing Disclosure?
Top

The closing will take place at the office of a title company 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 some states, 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 Coordinator if you prefer.

Just to make sure there are no surprises at closing, your Loan Coordinator 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:

Closing Disclosure

The Closing Disclosure is a five-page form that provides final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs).

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.

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 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.

 

Top

In some areas of the country it is very customary, and sometimes required by law, to have an attorney represent you at the closing. In other areas, attorneys are not as common at a real estate closing. Please contact the closing agent if you have questions about attorney representation. By all means, we recommend that you have an attorney at the closing if it would make you more comfortable. If your attorney has any questions about your new mortgage, please refer them to your Loan Coordinator. We'd be happy to provide any information necessary.

Top

The most important documents you will sign at closing are the note and mortgage, sometimes called the 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 Coordinator.

Top

The closing agent acts as our agent and will represent us at the closing. However, your Loan Coordinator will contact you 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 Coordinator by phone and we'll get you the answers you need - before the closing is over!

Top

If you won't be able to attend the loan closing, contact your Loan Coordinator as soon as possible. We can either re-schedule the closing date or if someone you trust is able to attend on your behalf, you can execute a Power of Attorney so that this person can sign documents on your behalf. Power of Attorney documents must be reviewed by the closing agent prior to closing.

Top

The closing will take place at the office of a closing agent or an attorney in your area who will be acting as our agent.

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

Top

Automated monthly payments are available.  You will need to complete an Authorization Agreement for Direct Payments form.  Contact your Loan Coordinator to request this form.

Top

Your Loan Coordinator will contact you a few days before closing to go over our final costs and to confirm your loan terms. If you're purchasing a new home, the numbers we'll have at that point are related to your new mortgage only. Additional costs or even credits may need to be applied based on your agreement with the seller. The closing agent, or attorney will calculate the exact amount that you'll need to bring to closing.  Prior to closing, you will receive the Closing Disclosure with the final figures.  Funds required at closing will need to be in the form of either wired funds or certified funds, such as a bank cashier's check. 

Top

If you have any questions or concerns, please contact your Loan Coordinator either by phone at 1-866-758-3970 or by email at internetlending@republicbank.com

Our Loan Coordinators have one responsibility - making sure that your new mortgage experience is amazingly easy! If your Loan Coordinator is not available when you need a question answered, any of our Loan Coordinators can provide any assistance you need.

Top

Our goal is to have your loan ready for closing as soon as possible! Generally the items that take the longest to receive are things such as the appraisal and the title work. We'll want to get those ordered as soon as possible to avoid any delays.

 

If you are purchasing a new home, we'll do our best to meet the date you and the seller have agreed upon. Whether you are purchasing or refinancing, our goal is to have your loan closed before your rate lock expires. If you are refinancing and have a second mortgage that you don't want to pay off with your new loan, closing could take a little longer since we'll need the permission of your second mortgage holder before we can close.

 

Top

We've built the most convenient home loan service ever!

Here's how it works:


1.  You'll complete our on-line application. The application will ask you questions about the home and your finances and takes approximately 20 minutes to complete.  After submitting the application, you may be directed to a page which allows you to “lock” or “float” your interest rate.  If you are not directed to this page, we may need some additional information before we can “lock” your interest rate.

After your application is submitted, your assigned Loan Coordinator will contact you to introduce themselves and to answer any questions you may have. Your Loan Coordinator is a mortgage expert and will provide help and guidance along the way. 
 

2.  You will be sent a Loan Estimate.  The Loan Estimate explains the important details about the loan you have requested. 

We'll order the appraisal from a licensed appraiser who is familiar with home values in your area and a title lien search examination from our closing agent.

Upon receipt of the order, the appraiser will contact you to set an appointment to view your home. If you are purchasing a property, the appraiser will contact the seller's real estate agent.

The title lien search examination is required. The title lien search examination is used to confirm the legal status of your property and to assist with preparing the closing documents.


3.  We'll contact you to coordinate your closing date.

Once the underwriter has reviewed and approved all documentation for your application, we'll contact you to schedule your loan closing. If you are purchasing a home, your loan coordinator
will contact you to schedule your loan closing and may assist in scheduling the closing with your real estate broker if necessary.

The closing will take place at the office of a closing agent or an attorney in your area who will be acting as our agent. Prior to closing, you will be sent the Closing Disclosure.  Your Loan Coordinator will contact you to confirm the closing date, time and answer any question you may have regarding the closing.

That's all there is to it!  Apply Now and you will be on your way to the most convenient home loan ever!

 

Top

A Closing Disclosure is a five-page form that provides final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs).

The lender is required to give you the Closing Disclosure at least three business days before you close on the mortgage loan. This three-day window allows you time to compare your final terms and costs to those estimated in the Loan Estimate that you previously received from the lender. The three days also gives you time to ask your lender any questions before you go to the closing table.

Treasury Management

Member FDIC Equal Housing Lender BBB Accredited Business McAfee Cloud Secure sites help keep you safe from identity theft, credit card fraud, spyware, spam, viruses and online scams
Contact Republic Bank & Trust Company toll-free 1-866-758-3970 | Email us
Loan Servicing Questions - Contact one of the following:
Loan Payments Department 502-394-4464
Loan Escrow Department 502-394-4462
Loan Payoff Department 502-394-4469

Nationwide Mortgage Licensing System (NMLS) Republic Bank & Trust Company ID # 402606
www.nmlsconsumeraccess.com