You've found your dream home, navigated the mortgage process, made it through the inspections and the appraisal, and now you're at the finish line: closing day. This is the day when you'll sign your papers, pay your closing costs, and officially become a homeowner. Let's go over what to expect.
Who Will Be There?
Typically, you can expect to see the following people at closing:
You (the buyer)
The seller
Real estate agents
The closing agent, who might be a representative from the title company, an attorney, or an escrow company official
What Will You Need to Bring?
You should bring:
Proof of identity: Typically, a driver's license or passport will suffice.
Cashier's check or wire transfer receipt: This is to cover your down payment and closing costs.
Proof of homeowners insurance: Your lender will require this.
What Will Happen?
The closing agent will lead you through the process, which includes:
Reviewing and signing legal documents: This includes your loan documents and title documents. It's crucial to review these carefully and understand what you're signing.
Paying closing costs and your down payment: These will be detailed in your Closing Disclosure. Ensure the numbers match your expectations.
Receiving the keys to your new home!
What Happens After Closing?
Once all the paperwork is signed, and payments are made, you're officially a homeowner! Now it's time to move in and start making the place your own.
Remember, closing is a crucial process, and it's important to understand each step. Always feel free to ask questions if you're unsure about anything. In our next post, we'll talk about moving in and tips for settling into your new home. Stay tuned, and congrats on your new home!
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