Closing On Your Loan: What To Expect After Approval

Almost home, so let’s work together to complete the final items needed to close your loan quickly. Please review these lists to help make this process go as smoothly as possible.

Home Purchase Loans

Shortly after approval you and your attorney will receive an email and/or phone call detailing the final items needed to schedule your loan closing. All loans will need the following items:

• Lenders Title Insurance listing Bank of Alaska ISAOA as the proposed insured with the amount matching your approved loan amount exactly.
• Proposed Deed.
• Homeowners Insurance Binder with 1 year premium paid in full listing the following as the first mortgagee.
• If there are other items needed to close your loan, they will be listed under Item 11 on your commitment letter

Refinance First Mortgage, Home Equity Loan, and Home Equity Credit Line

Shortly after approval you will be contacted via email and/or phone call detailing the requirements needed to complete your closing documents. All loans will need the following items:

• Internal Title Search: This is completed by Bank of Alaska. Important: Any party that is listed on the deed as an owner or has the right to live on the property must attend the closing to authorize a lien on the property.
• Homeowners Insurance Binder listing Bank of Alaska as the mortgagee. We must be listed on the insurance binder in the same position our lien will be in.
• Current Paid Property and School Tax Bills if there is a balance outstanding a check will be issued from the loan proceeds to ensure all tax bills are up to date and current.
• If there are other items needed to close your loan, they will be listed under Item 11 on your commitment letter