Russ Marshman

Please contact your Callaway Bank loan officer.

We’ll schedule your closing usually at one of our branches near your home for your convenience. Sometimes we may use another location such as a title company office if necessary.

Automated monthly payments are available. At the loan closing, an automated payment application will be provided. Simply return it at your earliest convenience to enroll in the automated payment program.

If you won’t be able to attend the loan closing, contact your Loan Officer to discuss other options. 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. In other cases, we’re able to mail you the documents in advance so that you can sign them and forward them to the closing agent. We’re sure to have a solution that will work in your circumstances.

Your loan officer or one of our team members will be there to assist and answer any questions you have. If you are purchasing a new home, the seller may also be at the closing to transfer ownership to you along with the real estate agents and the title company’s agent.

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 Officer.

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 Officer. We’d be happy to provide any information necessary.

The closing will usually take place at one of our branches or occasionally at the office of a title company or attorney in your area who will act as our agent.

During the closing, you will be reviewing and signing several loan papers. Your loan officer or one of our team members will be there to assist and answer any questions you have. If you are purchasing a new home, the seller may also be at the closing to transfer ownership to you along with the real estate agents and the title company’s agent.

Just to make sure there are no surprises at closing, your Loan Officer will contact you a few days before closing to review your final fees, loan amount, first payment date, etc.

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 loan officer will provide more details at the closing.