Now that the home inspections are complete, and the final walk-through has been done, the day you’ve been waiting for has finally arrived –closing day!  With the right steps and preparation, the closing process can be a breeze.

Here are some tips to keep in mind on your big day:
Closing day preparations
Be patient.  This can be a somewhat long and intricate process.  Make sure you allow plenty of time to schedule your closing day appointment to allow room to review any questions you may have.

Be sure to have all documents that may be required, such as your mortgage contract, identification, home insurance, inspection report, bank statements, etc.

Who is present on closing day?
The homebuilder or seller, real estate agent, attorneys (may vary), closing agent, mortgage lender, and of course, you!

What occurs during closing day?
During the closing, the seller signs certain documents transferring property ownership. You receive and sign documents related to the mortgage agreement and ownership of the property, and pay any closing costs and escrow payments. These include:

•        The HUD-1 settlement statement detailing all of the costs related to the home sale.
•        Final Truth in Lending Act statement outlining the cost of the loan and annual percentage rate.
•        Mortgage note stating the buyer’s promise to repay the loan.
•        Mortgage or deed of trust securing the mortgage note.

How to prevent issues during your closing
To reduce the chances of problems arising at closing, research the entire home buying process with your or mortgage lender before your closing day.

Do you have any pointers on closing day? Leave a comment below!