4 min read
Final Steps in Your Journey to Home Ownership—The Closing
The final step in purchasing your home is the real estate closing, where ownership is officially transferred to you. The average time it takes to close on a home purchase is 48 days, while the refinance process takes 57 days, according to the most recent Ellie Mae® Origination Insight Report. Whether your journey has been long or short, difficult, or relatively problem-free, you know at the end of the process, you will become the legal owner of your new home.
Breaking Down A Real Estate Closing
Although the length of time to closing means you have time to prepare for your closing, it can still be intimidating to walk into the closing room and see a stack of complicated paperwork, knowing you are borrowing hundreds of thousands of dollars in a single sitting. But fear not—here is the real estate closing in a few simple steps (and tips to what you should bring):
- The Place and Players. Real estate closings are often held at the title company’s office, but it can also be held at the lender or real estate agent’s office. Your real estate agent and lender often appear and usually an agent for the title company (an escrow or closing agent) will appear, along with the sellers. If the sellers live out of the area, they may elect to sign their share of the papers and have them sent to the title company prior to the closing date.
- Show Yourself. Although you may know most of the parties at closing, you still need to provide legal identification to finalize your home purchase. The closing agent will need the information for some of the forms as well as to notarize others.
- Bring (Good) Funds. If you have elected to pay some expenses outside of the mortgage loan, you will need to provide those in certified funds or a cashier’s check. You can also elect to wire the money to the closing agent ahead of the closing. Some expenses, like an appraisal, prepaid interest and taxes and insurance, are paid at closing and not rolled into the mortgage. You will receive a Closing Disclosure prior to the date so you can verify what moneys you need to provide.
- Come with a Fit Hand. No matter how much paperwork you have prepared ahead of time, there is a veritable mountain of items to sign! The closing agent will review all the documents with you, and if anything doesn’t sound right or is different than you agreed to, ask questions before signing. You will sign two types of documents at closing: those which cover the agreement between you and the lender regarding your mortgage, and those transferring the property from the seller.
At the end of the closing, you may walk out with a sore hand and a lighter pocketbook, but you will own a new home (or the same home with a smaller mortgage)!
Physician Mortgage Lenders
Even without a dedicated Physician Mortgage program, some large lenders offer an extensive list of financial services, including programs for lower income borrowers, a variety of fixed and adjustable rate loan options, and jumbo loans. As one of the largest and most well-known financial institutions in the nation, Chase Bank (JPMorgan Chase Bank) is renowned for a wide variety of consumer and commercial financial products. With a complex past beginning in 1799 (as The Bank of the Manhattan), multiple mergers and acquisitions over its over 225 years has Chase Bank has been involved in many businesses and controversies, including involvement in Nazi assets, and refused to release funds from Jews in France, and in more recent years, aiding dictatorships in Cuba and Sudan, among others. Despite its storied past, Chase remains a strong financial institution, with assets over $2.6 trillion, over 250,000 employees, and branches in over 100 countries.
Regarded as one of the best banks in the United States, Chase offers financial services to nearly half of all U.S. households, including a large slate of mortgage choices. Even without a doctor mortgage program, Chase is a leading lender and can offer physicians an attractive mortgage experience with strong customer service and great user experience with a user-friendly website.
JPMorgan Chase Doctor Mortgage loans
Minimum Credit Score
Loan Amounts For Residents & Fellows
Loan Amounts For Practicing Physicians
Earning awards in charitable, social justice, and economic categories, Chase Bank has a global presence which cannot be denied. Some accolades to note are: 2020 Best Company for Multicultural Women (16th time on list), on America’s Top Corporations for Women’s Business Enterprises list, Euromoney’s World’s Best Bank 2020, and in the top 50 of America’s Best Banks. No matter your financial needs, JPMorgan Chase has a product for you. For physicians looking to invest, borrow, and maintain an account with an inclusive provider, consider Chase Bank. Visit the Chase Bank website to learn more about the services offered. To expand your search for lenders, browse our exhaustive list of mortgage lenders here.