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American Log Mortgage
Div. of First National Bank of Chester County
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Step Five - Initial Settlement (Closing)
(The signing and execution of mortgage documents by the borrower(s) that permits the borrower(s) to start construction)

- Closing Agent - The borrower(s) will choose the title company or attorney they wish to sit down with to review and execute their settlement documents.

- Closing Package - The lender sends the closing agent (title company or attorney) a set of closing instructions and closing documents. The instructions tell the closing agent how the lender wants the closing documents to be executed.

- Title Insurance - The title company or attorney prepares and sends title insurance to the lender. Title Insurance must be for the loan amount to be obtained. Title Insurance insures the lender that there are no outstanding liens on the property. Without title insurance, the lender will not close on a mortgage.

- Property Taxes - The lender receives current tax information on the borrower(s) property from the attorney or title company.

- Recorded Mortgage - The attorney or Title Company of choice records the mortgage documents at the local courthouse prior to sending the mortgage documents back to the lender.

- Closing Costs/Fees - Up to this point, your loan officer provided the borrower(s) with a Good Faith Estimate of Settlement Charges. At closing, actual figures are obtained from both the lender and settlement agency (title company or attorney) and are recorded on a HUD-1.

- HUD-1 - It acts like your "receipt" for the transaction. It details what the fees are and to whom they have been paid. Your closing costs at initial settlement are generally lower than what was disclosed on your Good Faith Estimate. **This lower amount is due to the modification fees that are incurred during the modification process.

***Please note that initial settlement is when the mortgage note is recorded and construction can begin. Money cannot be disbursed until the above-mentioned closing package is sent back to American Log Mortgage from the closing agent.***

Step Four
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