Prepare for closing
The end-to-end closing process can take a few weeks, but it all comes together on closing day. Here's what happens before you sign.
Your home appraisal
An appraiser will review the size and condition of your home and compare it to similar homes in the area to determine the estimated value of your home. You'll want the appraised value to come in higher than the loan amount.
Review the Closing Disclosure
You'll receive your Closing Disclosure three business days before you close. This itemized list shows all money you'll pay at or before closing. It includes your loan amount, interest rate, loan term, origination fees, title insurance, deposits for property insurance and taxes, homeowners insurance and any other fees. Review your Closing Disclosure carefully and compare it to the Loan Estimate you received to make sure there are no last-minute changes.
Your Home Lending Advisor can help with any questions about your Closing Disclosure.
Take the first step of preapproval
What to expect on closing day
There are a few more documents to review and steps to take before you've got a new loan that can help you achieve your financial goals.
Final Closing Disclosure
This is the final version of the document you received three business days before closing. Check for any last-minute changes.
Deed of trust or mortgage
The deed of trust or mortgage is a document that grants the lender a lien on the property.
Promissory note
The promissory note is your binding legal agreement to make payments to the lender according to the terms of your mortgage.
Closing costs
If you're not rolling closing costs into your refinance loan, bring a certified check to closing to cover these costs. Your lender or closing agent will give you the exact figure a day or two before closing.
Right of rescission
Once you close, you have three days to review all the closing documents and make sure you want to keep the loan. This right-of-rescission period protects consumers under the Truth in Lending Act.