What to Expect at Your Closing
A closing is the culmination of all the hard work of actually buying the property. The price for the property is set, you locked in on a favorable interest rate, set a closing date and hammered out an occupancy date for you to move in. All of those things take a great deal of time, effort and patience. Make sure that all of those things have been agreed upon BEFORE you get to the closing table.
Once you sit down to sign lots and lots of documents, make sure the price is the correct amount, the loan amount and interest rate is right and then listen as the closing officer gives you a brief explanation of the documents you are about to sign. The key to a smooth closing is everyone doing his or her part in advance of the big day, and that includes you as the borrower.
From time to time, a mortgage loan will be approved as long as the borrower brings some "credit conditions" to the closing. A common example of a credit condition is your most recent paystub, given as proof that you are still employed at the time of closing. Make sure that you get those items and have those with you. Your loan officer will tell you if any of these things are required. Originals are always best to have.
Most times the closing officer has never met you as the borrowers. Bring picture identification with you to the closing to prove your identity. The closing officer will need to copy it for not only his file but the lender's file too. Most people have their driver's license and that is ample proof.
If you need to bring money to the closing to pay your down payment and closing costs, it will need to be in certified funds. Your bank will issue you an official bank check, drawing funds from your account. They verify the funds are on deposit and in turn, the check they issue is as good as cash at the closing table. Have the check made out to the closing company or yourself, but not to the lender. Additionally, DO NOT BRING CASH to the closing. We suggest that you bring your personal checkbook just in case there are last minute changes in the closing costs or adjustments to make with the sellers outside of closing.
The closing is the culmination of all of this hard work and the pressure is behind you. The 45 minutes to an hour you spend at the closing table will leave you with a great feeling of accomplishment. Think of all the things that made you love the home you are buying, and now that home is yours. Imagine the future in your new home, and the memories you will create there as the keys to the home are turned over to you.