The Mortgage Closing Process
During the mortgage closing process, all parties involved in the sale sign the papers to transfer ownership of the property. If you have never bought a home before, you may not know what to expect during this process. However, it is important to find out how this is your chance to make any changes to the deal.
Before Closing Day
Before closing day, you need to collect all the paperwork you have related to the sale. This paperwork includes your contract, loan estimate, proof of title search, proof of mortgage and homeowners insurance, inspection reports, home assessment, closing disclosure, and flood certification. You may need to refer to these documents when closing the sale.
Who Wants to Be Present on Closing Day?
On closing day, it is not just the buyer and seller who need to be present. Most states also require the presence of a closing agent, the seller's real estate agent, the lender, and a title company representative. An attorney representing you or the lender should also be present, but in some cases, the closing agent also fulfills this role.
The closing agent manages the settlement meeting. They ensure that everyone signs the documents in the correct places, as well as ensuring that closing fees and escrow payments have been paid and distributed to the correct parties.
Closing Documents You Need to Review and Sign
The most important document you need to review and sign during closing is the closing disclosure. This document is five pages long and contains details about the mortgage you are using to buy the home. You should receive this document before closing so you have time to review it. Compare the terms to those in your loan estimate document. Sellers can send this document via myMailHouse to ensure it reaches you safely.
During closing, you will also receive a mortgage note, which is your promise to repay the mortgage. This document explains how much you need to pay and what will happen if you don’t make payments. Keep this document safe, along with all others relating to your home sale.
Finally, you will receive the keys to your new home. It’s time to move in and enjoy your new place.
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