- Closing Agent - The borrower chooses the title company or attorney to review and execute the settlement documents. The settlement agent is responsible for explaining the loan documentation presented for signature and ensuring that the property title is clear. This protects the borrower and the lender.

- Closing Package - American Home Bank sends the closing agent (title company or attorney) a set of closing instructions and closing documents. The instructions tell the closing agent how American Home Bank 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 issued for at least the loan amount. Title insurance ensures American Home Bank and the borrower that there are no outstanding liens on the property. A mortgage can not be executed or closed without title insurance.

- Property Taxes - American Home Bank receives current tax information on the borrower's property from the attorney or title company. All taxes must be current at initial settlement.

- 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 Deltec Financial Services.

- Closing Costs/Fees - At the time of application, American Home Bank provided the borrower with a Good Faith Estimate of settlement charges. At closing, actual figures are obtained from both American Home Bank and the settlement agency (title company or attorney) and are recorded on a HUD-1.

- HUD-1 - The HUD-1 is your "receipt" for the transaction. It details what the closing fees are and to whom they have been or will be paid.

***Please note that initial settlement occurs when the mortgage is recorded. Construction can begin at that time. Money cannot be disbursed until the above-mentioned closing package is sent back to American Home Bank from the closing agent.***