Closing on Your Home? What to Expect

July 11 2017


If it's your first time buying a home -- or it's been a while since you bought one -- you might be wondering what to expect when it comes time to close on your purchase. Keep reading so you'll be prepared when the big day comes.

What Is a Closing?
Sometimes called a settlement, a closing is the final step in the process of buying and financing a home.The parties involved meet at a predetermined location to sign the necessary documents to finish the transaction. This meeting could include buyers, sellers, loan officers, real estate agents, attorneys and representatives from the title insurance and escrow companies.

How to Prepare
Make sure to thoroughly go over the Closing Disclosure you receive. This five-page form lets you know how much your projected mortgage payments will be, what the terms of your loan are and which fees you will be expected to pay. The numbers on this document should be similar to the loan estimate you previously received. Federal law dictates that you receive the Closing Disclosure al least three business days before the closing date so you have time to review it and ask questions.

What to Bring
Closings can vary from purchase to purchase, but you'll most likely need to bring a current driver's license or passport, a cashier's or certified check for the down payment and closing costs, proof of insurance and a copy of the final contract. If you are separated or going through a divorce, be sure to bring a copy of any relevant agreements or court orders as well.

Whether you are buying, selling, or refinancing, it is important to have an experienced mortgage professional to help you analyze your financing options, and make sure the closing goes smoothly. As a loan officer with Midwest Community Bank, I have the expertise and experience to get you the right mortgage, and to handle your transaction professionally. With my experience, and our rates and programs, you are sure to get the mortgage that is right for you. Please remember to get me involved early on in your home-buying process. Starting the Process not only gives you a better idea of what you can qualify for, it also gives you a stronger negotiation position when you find the home of your dreams.