Closing day is the final step in buying a home. In this blog post, you will learn about the closing process, what to bring, and how to prepare for a smooth and successful closing.
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As you approach the final step of your home-buying journey, it's essential to be prepared for closing day. In this blog post, we'll cover what you need to know about the closing process, including the Closing Disclosure, final walk-through, and what to bring to the closing table.
The Closing Disclosure is a document that lenders are required to provide you with at least three days before the closing. This document outlines your final loan terms and closing costs, allowing you to review and ensure there are no surprises on the day of closing. If there's a significant discrepancy between the Closing Disclosure and the Loan Estimate, let your lender and title company know immediately.
Before closing, we'll schedule a final walk-through of the home to check its condition. During the walk-through, we'll ensure any repair work that the seller agreed to complete has been done satisfactorily. It's important to check all appliances, run water in all the faucets, flush toilets, run the garbage disposal and exhaust fans, and check for possible leaks.
On closing day, you'll need to bring two forms of government-issued ID, a cashier's check from a verified account made out to the title company for any funds needed for closing, and any other documentation your lender requires. The closing typically takes place at the title company, where you'll sign lots of paperwork, including the deed of trust, promissory note, and other documents related to the terms of your loan. The title company's closer will explain each document to you, and you can ask any questions you may have.
