The final leg of the home buying process is closing day . . . the day you’ll get your keys to your new home. Plan to be prepared.
Most new home buyers have lots of questions. That’s where the lender and realtor come in. If you’re unsure of anything regarding your closing, don’t hesitate to ask. We understand there may be some closing day fears; that is very common. We are all here to alleviate the stress as much as we can.
Preparing for the Closing
The process of signing the contract to signing the settlement statement at closing is a very detailed and documented one, so it’s extremely important to be diligent in responding to the lending team when we ask for documents or clarifications.
Before the closing, new homeowners will do a final walk-through of the home. This typically happens the night before a closing or the day of closings. During these walk-throughs, the buyers and their real estate agents will verify final repairs are completed. They’ll check on all items included in a sale such as appliances, furniture, etc. and make sure that all are in working order as well as that the house was left in the same or better condition than when you signed the contract.
Then set aside 45 minutes on your calendar for the actual closing.
What You’ll Need to Bring
You’ll need to bring your IDs and, in most cases, the cashier’s check for the total funds for closing. You’ll know well in advance what this amount is. Some loan programs such as Rural Development and VA loans don’t always require funds to close.
The Closing Place
INB clients’ closings take place at one of two places. If you’re getting a new mortgage, the closings will take place at a title company that handles the title policy. The title company will typically be chosen by the listing realtor. For most refinances, the closing will typically take place at the bank branch where the lender has an office unless the refinance includes additional documentation or something out of the ordinary.
If you’re getting a new mortgage, an escrow officer or closer at the title company will orchestrate the closing on behalf of the sellers and buyers. When it comes to refinances, the loan officer schedules the closing.
Who Will Be There
For most closings, you’ll be there with:
- The home seller
- The seller’s realtor
- Your realtor
- Your loan officer (me!)
- A title company representative
The buyer or seller could also have an attorney present.
What You’ll Sign
Within three business days of the closing date, each buyer will receive a copy of the Closing Disclosure. The Closing Disclosure will have all the breakdowns for the total costs, fees, loan amount, etc. There will be additional disclosures to sign at closing; we will go over these documents in detail with you.
To get an idea of what to expect in terms of documents, read this blog by my colleague Bill Townsend (NMLS # 815738). Closing Paperwork: Understand What You’ll Be Asked to Sign.
Time to Move!
Once you’ve signed all the documents, then the home is officially yours to move into as soon as you would like.
If you have any questions about a mortgage loan or loan closing day, give me a call at 217-747-5536. Or check with any INB mortgage lender.