Getting approved for a mortgage loan for the purchase of a property is a process that requires several steps and processing many documents, but when you get approval, you are very close to the final step: closing the transaction.

Here's how to prepare for that closing, once your mortgage loan is approved:

1. An internal review of the documents is carried out and your bank representative will give you a welcome call. In this call you will be guided on the next steps and, if necessary, additional information will be requested.
2. Subsequently, three days before the closing, you will receive a document known as the Closing Disclosure Statement. This document breaks down the most important information about your mortgage loan: the monthly mortgage payment, the amount of closing costs, the term of the loan, and the annual interest rate (APR) of the loan, among others. Review this document and clarify any questions. Once you understand and accept the conditions of the loan, you must return this signed document to the bank.
3. After the bank has this document signed, you have to wait at least three days to carry out the closing in person. That day all parties related to the transaction must attend: the seller, lawyers, the real estate broker or brokers, you, and any other person listed as a buyer.

At closing, the final numbers and all documents that have been provided to you since the beginning of the loan application will be discussed. In addition, you will be given another series of documents such as the privacy policy, postal address verification, identification validation, loan amortization table and property tax payment table, among others.

This day, the parties listed as buyers must have:

• A valid photo ID
• The contribution allocated for closing costs and the deposit or down payment. It is important to note that these payments or contributions must be made from an account that has already been previously verified by the financial institution that is granting you the loan. This money must come from savings or a royalty, it cannot come from another loan. Payment can be made in three ways: manager's check (preferred method), a debit card with a Visa or Mastercard logo (you must notify your bank in advance to approve this transaction given the amount of the transaction) or by wire transfer.

Once your loan has been approved and to avoid the risk of the transaction being invalidated, it is crucial that you follow the following recommendations:

• Don't affect your credit by buying cars, opening new credit cards or loans, and don't buy other properties.
• Don't change jobs.

As a requirement of some investors, such as Fannie Mae for example, the bank has to do an employment verification ten (10) days before closing and a credit verification five (5) days before closing. If your employment or credit is affected, the transaction could be canceled.

We hope that this information and recommendations are useful to you so that you can have a successful closing. If you have any additional questions, contact your bank representative. At Oriental we are more than ready to serve you!