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Closing Disclosure Review:
Prior to closing, you’ll receive a Closing Disclosure, which outlines the final terms of your loan, including closing costs and other fees. Review this document carefully and compare it to the Loan Estimate you received earlier in the process.
Final Walk-Through:
Before closing, you may have the opportunity to do a final walk-through of the property to ensure it’s in the agreed-upon condition.
Bringing Required Documents:
Bring a government-issued photo ID and any other documents your lender or title company may require. This could include a cashier’s check or proof of wire transfer for your closing costs and down payment.
Signing Documents:
During the closing meeting, you’ll sign various documents, including the mortgage note, the deed of trust, and other legal and financial documents. Be prepared to ask questions and seek clarification on any terms you don’t understand.
Payment of Closing Costs:
You’ll be required to pay your closing costs, which may include fees for the loan origination, appraisal, title search, and other related services.
Title Transfer:
The title of the property will be transferred from the seller to you. This is typically handled by a title or escrow company.
Insurance:
You may need to provide proof of homeowners insurance, and the insurance policy should be in effect as of the closing date.
Funding:
Once all the documents are signed, the lender will fund the loan, and the funds will be transferred to the seller. This may take a day or two.
Recording of Documents:
The signed documents are recorded with the appropriate government office to officially transfer ownership and establish the new mortgage lien.
Receiving Keys:
After all the paperwork is completed, you’ll receive the keys to your new home.
It’s important to carefully review all documents and costs during the closing process. If anything is unclear, don’t hesitate to ask questions. Consider having a real estate attorney or a trusted advisor present during the closing to provide guidance and ensure a smooth process.