It has finally arrived, closing day. The last step of the loan process, closing is the process of transferring the house from the seller to the buyer. While it is the last step (before moving day), it’s important to come prepared so you can close as planned. Set an hour to an hour and a half of time aside for closing. Closing should be smooth sailing, as there should not be any surprises. Before closing, there should have been many opportunities to review and understand the terms of the loan.
What to bring:
Your loan officer or closing agent will tell you exactly what you need for closing. Here’s a list of general must-brings for sellers and for buyers:
- Government-issued ID, like a driver’s license
- The correct amount of cash to cover closing costs
To be on the safe side, many borrowers find it beneficial to take documents accumulated during the loan process. Additionally, your lender needs to obtain proof of homeowner’s insurance prior to closing. Make sure this has been sent in.
Who should be at closing:
It varies by state and, sometimes, situation. Common attendees include:
- Closing agent
- Real estate agent
If you’re either buying or selling the house, your partner or spouse may be required to attend closing and sign certain disclosures, even if s/he is not making the purchase or selling the house.
What happens at closing:
You may want to work on perfecting your signature because you will be signing a ton of documents! At closing, you will:
- Review and sign all legal documents, including the home deed, promissory note and closing disclosure.
- Pay closing costs.
- Be assigned an escrow account.
- Ask any questions you have about documents or the process.
Finally, after everything is signed and completed at closing, you will receive what you have been waiting patiently for: the property title and keys to your new home.
If you are looking to purchase a new home, or refinance your current home, our dedicated mortgage advisors would be happy to speak with you. Get a free rate quote today to estimate your monthly payments, and connect with us by calling us at 1-844-77-vLoan.