What to expect on closing day
Closing on your home
The end-to-end closing process can take a few weeks, but it all comes together on closing day — the day when the home becomes yours!
Here are a few tips to get you there.
Before closing, schedule a final walk-through
About a week before closing, you'll have a final walk-through of your new home. This will help you see exactly what you’re purchasing and its current
state. During your walk-through, check the furnace, air conditioner, major appliances and toilets to make sure they are working. If you requested any
repairs, check that they were made. Likewise, if you negotiated to keep something in the house such as specific light fixtures or appliances be sure
that they're there.
Review the Closing Disclosure
Three business days before closing you'll receive a Closing Disclosure. This document itemizes all of the funds and costs paid by the buyer and seller
either at, or before closing. This document will show the loan amount, interest rate, loan term, origination fees, title insurance, deposits for property insurance, taxes and other fees. Review the Closing Disclosure carefully and compare it to the Loan Estimate you received to make sure there are no surprises.
You'll receive a Final Closing Disclosure on closing day. Be sure to review for any last minute changes.
Your Home Lending Advisor can help with questions about the closing disclosure.
What to expect on closing day
As a buyer, you'll review and sign a variety of legal documents outlining the terms of the sale.
You'll also need to pay your down payment and closing costs (usually with a cashier's check or wire transfer) and provide proof of homeowner's insurance.
The seller will also review and sign documents related to the sale and property transfer. Here are some of the documents you'll review on closing day.
Final closing disclosure
Side 1 of 2Final closing disclosure
, Side 2 of 2This is the final version of the document you received 3 business days before closing.
Check for any last minute changes.
Deed of trust or mortgage
Side 1 of 2Deed of trust or mortgage
, Side 2 of 2The deed of trust or mortgage is a document that grants the lender a lien on the property.
Promissory note
Side 1 of 2Promissory note
, Side 2 of 2The promissory note is your binding legal agreement to make payments to the lender according to the terms of your mortgage.
Getting the keys
Once the paperwork is signed and the closing costs are paid, all the documents will be filed, officially putting the house in your name.
After that, the keys are yours! Congratulations on your new home!
