You have secured financing, picked the house, and now it is almost the big day. It is nearly time to finalize the deal and close escrow with the title company on your home. Here are a few things that everyone should expect when preparing for the closing day on a house.
Ask the lender or your attorney if you can review the documents before the meeting time. It is beneficial to have time to read over and check that the numbers and other information is accurate and expected. You might miss something if you are in a hurry and want to rush into signing the documents so you can get your keys faster.
Bring a check
There are things you need to pay at closing so you should bring a cashier’s check. A wire transfer will also work, but this method could potentially delay your closing. You can not close until there is confirmation that the transference is complete. If you are borrowing money, you will also need to have your homeowner’s insurance policy, anything else required to approve the loan, and a photo ID that matches the name on all of the documentation.
Take the day off
Take your closing day on a house off of work if possible. It is possible to complete a closing in less than an hour, but if delays occur or something is wrong, it will take longer to get the keys. Trying to fit the meeting in on your lunch hour could leave you frustrated, hungry, and possibly late getting back to work.
Closing requires your signature on a stack full of documents. Be prepared to sign, sign, and sign some more. There are some papers you will need to sign including the promissory note, mortgage deed or deed of trust if obtaining financing, payment letter, closing disclosure, warranty deed, proration papers, statement of information, and a declaration of reports.
When all is said and done, you will be walking out of your closing day on a house with a smile on your face and hands full of paperwork to file away. The best part is that you finally got the keys to your new home and can start your new journey.