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No Closing Cost Mortgages

You've found your dream home, made an offer and negotiated a final sales price with the seller. The home inspection is done. What's left? One more big step: closing on your home.

The closing process begins after you and a seller agree on an offer. You'll send your completed mortgage application to the lender providing you with a mortgage loan. This starts the underwriting process, where we verify your income, debt levels and credit score. If your numbers are strong, we will approve your loan application.

Once that's done, you'll attend the actual closing – either online or in person – to sign a series of documents that transfers ownership of a home from the current owner to you. How long this all takes will vary depending on if DCANS Mortgage underwriters discover any problems with your application, income or credit. You can expect, though, the first part of the closing process, when underwriters are reviewing your application, to take about 45 days. The actual closing when you are signing papers will usually take 1 or 2 days.

The time it takes to close on a house, and get your mortgage loan application approved, usually runs anywhere from 30 – 60 days.

 

Closing Process

During the closing process, underwriters review your loan application, credit and financial information to make sure you can afford to make your mortgage payment each month. This process takes time- it can take an average of 47 days for to close on purchase mortgage loans.

The closing process begins after DCANS Mortgage (sellers in this case) accept a purchase agreement on the home you are buying. We would then go ahead and review your Online Mortgage Loan Application, a document in which you list your personal and financial information.

DCANS Mortgage will also review documents to help verify your financial information. Typically, you’ll have to send us copies of your two most recent payslips or paycheck stubs, last 2 months of bank account statements, last 2 years of SSNIT Statement and income tax returns. We may also study your credit report.

If we approve your request for a mortgage, we will schedule an actual closing date. During this time, you’ll meet in person – usually with your real estate lawyer and home providers present – to sign the documents that transfer ownership of a home from its current owners to you. Note that during the COVID-19 pandemic, your closing day might be an online-only event.

 

 

The House Closing Process: Step-By-Step

On your actual closing day, you’ll be signing what might feel like a mountain’s worth of papers. But all of these papers have their own purpose.

1. Signing Of Documents

Here is a partial list of the documents you’ll sign on closing day:

• The promissory note, which commits you to repay the mortgage loan.

• The mortgage (or the Deed of Trust), which gives your lender the right to foreclose on your property if you fail to make your payments

• The escrow disclosure, which lists how much you’ll be paying with each month’s mortgage payment to cover the costs of your property taxes and homeowners’ insurance.

• Proof of homeowners insurance

 

 

2. Paying The Closing Costs

Closing on a mortgage loan is not free. Here are some of the closing or settlement costs you’ll pay during the process. You should know the final cost of your closing before you get to the closing table. Bring a certified or cashier’s check – not a personal check – written in this amount to cover the closing costs. You can also arrange to have your bank wire your payment on closing day.

Down payment: Lenders usually require that you pay a percent of your home’s final purchase price (often 3% – 20%) as your down payment. Your down payment will become the equity you have in the home. Equity is the difference between what you owe on your mortgage and how much your home is currently worth. If your home is worth GHS200,000 and you owe GHS180,000 on your mortgage – thanks to a GHS20,000 down payment – you have GHS20,000 of equity in your home.

Escrow funds: Your lender may collect a portion of escrow funds at closing to ensure there's enough money in your account to pay tax and insurance bills as they come due. Your lender may also roll a portion of these costs into your monthly payment to fund your escrow account throughout the year.

 


 

Related Pages

• No Upfront Fees

• No Deposit Mortgages

• How We Operate

• Why Choose Us

• Eligibility Requirements

• Affordability Checks

YOUR HOME (OR COMMERCIAL PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT - REPAYMENT ASSISTANCE PROGRAMME AVAILABLE FOR QUALIFIED CUSTOMERS. ALL APPLICATIONS ARE SUBJECT TO STATUS AND OUR LENDING CRITERIA - THIS MEANS THAT THE AMOUNT WE WILL LEND YOU WILL DEPEND ON YOUR INDIVIDUAL CIRCUMSTANCES, THE TYPE OF PROPERTY AND THE AMOUNT YOU BORROW.

We are Non-Deposit Taking No Upfront Fee Direct Lenders (not brokers). Terms, conditions and rules govern our operations, so if you disagree with any of them in part or in whole, please don't use our services. All loanable funds are private patient capital from dedicated sustainable and reliable sources and not sourced funds from the general public. We're Fully-Compliant: Our mortgages are structured as Seller-Financed Mortgages (SFM) and where applicable, as Commercial Mortgages, which do not require Bank of Ghana (BoG) regulation. Legal & Compliance Provided by TLA Firm & Ghanaian Partners. For more details, see Regulation & Compliance.

© 2021 DCANS Mortgage, Ghana, affiliated to DCANS Mortgage UK (FCA-Compliant), Proprietary Trading Firm DCANS FX, Ghana's Biggest BNPL Provider DCANS Pay, UK's One-Stop Earned Wages Provider Quid Pay, No Upfront Fee Non-Deposit Taking Direct Platform Lenders Sikamaster Loans (Ghana) & Quidmaster Loans (UK), UK-based Remittance Platform to Africa & Beyond Moneyafrique, TDG Startup Ecosystem Funders [GhanaStartups.org ++ UKStartups.net ++ EUStartups.net] and DCANS Capital Limited (CRN: 07970200), are all part of the AML-Compliant TDG GLOBAL CREDIT SYSTEM of The DCANS Group (TDG) Limited (Registered in England & Wales, CRN: 12645872, VAT #: GB 157 9161 82), but dual-headquartered in Ghana & the UK.

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