After you go through the homebuying process, getting to the closing table will feel like a celebration. This is the step where you will finally become the owner of the home! But before you start planning your housewarming party, make sure you know what to expect at closing to make it a smooth experience!
What You Should Bring
By the time you get to closing, you may be a little burned out by all of the documentation that you will have compiled and submitted up to this point. Don't throw in the towel just yet—you're at the finish line! Power through and gather this last round of information, and you'll be one step closer to move-in day. Your loan officer, settlement agent (which is usually your title company), and real estate agent should provide you a list of what you’ll need to bring to closing, but most of the time you’ll need:
- Photo I.D.—This may include your driver’s license, government-issued photo I.D., or passport.
- Funds for closing—A certified or cashier’s check that’s made out to the title company or closing company. It’s always a good idea to contact your settlement agent directly to make sure your closing funds meet the requirements for settlements in your state.
- Unfinished documentation—Any remaining paperwork or documentation that hasn’t been provided to both your title company and your mortgage loan officer.
Where You Should Go
You may think you’ll be closing at the actual home you’re about to own, but that's not actually the case! Your real estate agent will send you the details, but more than likely the settlement agent will host the closing. Sometimes, your loan officer will conduct it in their office, or you may end up at a real estate attorney’s place of business. Regardless of where the closing ends up being held, it's important that you note the address to ensure you go to the right location, and have phone numbers of everyone involved in the transaction in case you get lost or run late.
The Closing Process
This is it—the final step before you get those keys. You’ll typically be seated at the closing table with your real estate agent, an agent with the title company, and your loan officer. The people at the table may change, but the closing agent will definitely be present, guiding you through the paperwork and gathering your signatures. You’ll be signing a lot of documents, including the promissory note, the mortgage deed of trust, and other legal documents, so make sure your signing hand is warmed up. Once everything is signed and certified, you’ll receive your copies and it’s done!
The seller will give you all remaining information about the home including keyless entry and alarm codes, keys, garage door openers, etc., and in return, they will receive a check from the title company for the profit of the home sale.
Now that you've cleared the final hurdle of the homebuying process, you can officially celebrate!