Buying a house is an exhilarating and life-changing event, whether it’s your first home or one of many. But how can you make certain you’re prepared for the big event?
Preparation and Communication
Careful preparation and ongoing communication with your agent and lender are crucial for facilitating a smooth closing experience. Ensuring you have all of your necessary paperwork and documentation organized and ready to submit to your lender and title agent when needed helps minimize delays in loan approval, and ultimately the closing process. It’s highly important to respond to any lender or title agent requests for information as quickly and thoroughly as possible.
Review the Closing Disclosure Form
The Closing Disclosure (CD) Form is a document submitted to you by your lender at least three business days prior to your closing date. (The CD Form replaces the HUD-1 settlement statement, formerly used for real estate closings prior to August 1, 2015.) This important document outlays the terms of your mortgage, payment amounts and other financial details related to your home loan. Careful review of your CD Form is crucial, as this reflects the information that will appear on your final closing documents. Any discrepancies or questions regarding this form should be resolved and answered prior to sitting at the closing table.
The Day of Closing
It’s extremely helpful to have an idea of what to expect, and what to bring, when the big day finally arrives. To help you prepare, we’ve created a list of what you need to bring to your closing:
- Government-issued photo ID
- Any paperwork required by your mortgage lender
- Certified check in the exact amount of down payment or wire transfer information
Homebuyers and sellers have different closings, as both parties rarely sit at the closing table together. A homebuyer’s closing with our team typically lasts around 30 minutes, unless it involves a Power of Attorney (in which case, requires additional time). Be sure to ask the closing agent any questions you may have as you go through the documents in your closing package. Upon signing the final documents and receiving your keys, you’re free to visit and move into your new home right away!
Have other questions about a homebuyer’s closing? Contact the Linear Title & Escrow team today!