Once you have helped us clear up any conditions to your loan and your new Centex Home is complete, we will schedule a closing date with a title and escrow company or closing attorney, whichever is the common practice in your area. At closing you will sign the documentation to take ownership of your home, as well as get title insurance for your home. If your loan is an ‘escrow’ loan, you will deposit an amount to fund your escrow account, which will be maintained to pay the property taxes and hazard insurance premiums on your home as they come due. You will receive a ‘settlement statement’ that will detail all of your expenses in the transaction, as well as how your loan proceeds were distributed. You will also receive a title policy that insures your ownership of the property (see “Title Insurance”).

After closing a loan, CTX “delivers” the loan to an investor and arranges for the administration or “servicing” of the loan. Your servicer will collect your monthly payments and ensure all tax and insurance payments are made timely from your escrow account.