What REALLY happens to close on a home? “Closing” is that fine day on which the ownership of a house transfers from seller to buyer. Before that, a number of things have to happen:
1. Preparation: Once your offer is accepted, you still have to go through underwriting with your lender. Your lender will also order an appraisal and title search during this stage.
2. Reviewing documents: Before closing, carefully review your loan documents, including the loan estimate and closing disclosure. These documents outline the terms and fees of your loan.
3. Closing day: On the day of closing, bring a valid ID, proof of insurance, and a cashier’s check or wire transfer for the closing costs.
All parties will review closing documents and pay the closing costs, which may include appraisal fees, title insurance, attorney fees, and prepaid interest.
4. Funding the loan: Once all documents are signed and funds are collected, the lender will fund the loan. This process typically takes a few days.
5. Recording the deed: After funding, the closing agent will record the deed and mortgage with the county clerk’s office.
6. Receiving the keys: Congratulations! Once the deed is recorded, you’ll receive the keys to your new home. Remember, the mortgage closing process can vary depending on your location and lender, but homeownership is the easiest way to create a financial legacy!
Sincerely,
