Mortgage Closing: What happens?

[Veritas]

I am a first-time homebuyer, and my closing is tomorrow. What exactly happens at the closing? Do I need to take anything with me? Thanks!

[W]

It's a pretty painliess process. The title company or the mortgage company will have 99% of the documents done and go over the closing process. You will need your checkbook or wiring information for your bank. You should have received a pre-closing settlement statement, you should bring that and check the numbers against what you are charged. The settlement sheet with show charges to the buyer and seller, you should ask questions about any item that you don't understand or agree with, the Title Company is an independent agent so they are there to help.

[ROCKY]

You don't need to do anything.

You should have signed all loan docs and other paperwork ,as well as paid any money due last week in Escrow.

Congratulations!! As of tomorrow you are a Homeowner and will receive keys.

[Candice H]

Try going to this site, they have lots of information about this sort of stuff.

[877YouKeep]

Good morning guys and and congratulations on your purchase. Each and every state is different on closings. Some states you can have a title company others require an attorney. You are absolutely right about the closing company being a third party and many times in order to get the deal done they will side with the homeowner. As a homeowner remember you have the right to not sign if something looks different than you expected for instance the rate a pre payment penalty. Although, you have a contract which obligates you, closing a few days later in order to get what you want within reason. The closing table can be pretty stressful sometimes. One thing you want to be sure of is getting title insurance, the lender requires title insurance to cover the loan balance but it is pretty important you take a policy for the remaining balance to protect yourself if a lien or judgment was overlooked. You do not need to buy enhanced or anything like that but you need to protect you assets.

I can not even tell you how many times I hear someone in foreclosure say the mortgage broker changed something either the rate, did not escrow for taxes or insurance, or even added a two or three year prepayment penalty when you intended on refinancing in a year. Do not close if the terms that were offered you are not right and delay until they can get you close to what they promised. Be sure to look over the HUD Settlement Statement thoroughly and also pay attention to the Truth in Lending Statement (TIL)Good luck on your purchase and let us know how it works out.

[877YouKeep]

Originally Posted by ROCKY

You don't need to do anything.

You should have signed all loan docs and other paperwork ,as well as paid any money due last week in Escrow.

Congratulations!! As of tomorrow you are a Homeowner and will receive keys.

Rocky, that is correct in some states but in others they have what they call a wet closing, money, keys and documents are all done at the same ceremony (the closing ceremony). In states like California for instance they have the escrow period that you are describing and the is called a dry closing. Again be sure to get an owners title insurance policy. One additional item is, and I am basing this on my experience when I was a closer for a title company, if you have more than $500.00 in closing cost you can not use a personal check it must be certified funds.