Whether you’re a first-time homebuyer or seasoned pro, it’s always essential to be prepared throughout every step of the real estate transaction. And since closing on the home represents the consummation of your home buying experience, it’s important to know what to expect and how best to prepare.
Steps to Home Ownership
Let’s first take a general look at how the home buying process works. Here’s what takes place after you’ve made an offer on a home and it’s been accepted by the buyer:
- Mortgage application process
- Home inspection
- Home appraisal
The Days Leading Up to Closing
While preparing for your home closing begins in the early stages of the home buying process, the few days leading up to your settlement date are when timely preparatory efforts are key. Your lender will send you a Closing Disclosure (CD) Form at least three business days prior to your scheduled closing.
The CD contains details regarding your mortgage, including mortgage terms and fees, as well as your closing costs. Take time to compare this document to the Loan Estimate you received earlier in the process. It’s extremely important to review the CD carefully, and follow up with your lender promptly if you have any questions or concerns. Waiting to do so may result in your closing being delayed.
What to Expect the Day of Closing
You’ll be contacted with your final figures prior to closing, either by your lender or settlement agent.
- On the day of your closing, you’ll be asked to provide payment for your closing costs. You can either wire the funds to the closing agency or submit payment with a cashier’s or certified check, made payable to the settlement agency conducting your closing.
- You’ll also need to bring a government issued ID (such as a driver’s license, passport military ID) on your closing day.
- Your closing agent will present your closing documents, page by page, and answer any questions you have. You’ll be asked to sign and/or initial certain pages within the closing documents.
- Once your closing documents are signed, you’ll receive the keys to your new home!
*If you have a representative signing on your behalf via a Power of Attorney (POA), the original POA document will be required at closing.
At Linear Title & Escrow, we are proud to serve our clients with the most efficient, streamlined closing process possible. Contact our knowledgeable team now for questions regarding a home closing!