The Closing Process
Know What To Expect for Your Closing
Getting the keys to your new home. It’s exciting but can be overwhelming for first-timers. At The Title Team, it’s our job to make the process simple so you leave with confidence and understanding (and those shiny new keys, of course). Closings can be done at any one of our Title Team Locations, or at your bank.
What is the closing process?
The closing process begins when a contract is executed between the buyer and seller. The Title Team completes a title search and examination. The Title Team and your home buying or selling team work together to make sure all of the details are handled. Once everything is complete, your closing will be scheduled. You’ll arrive at your closing to sign some documents and be on your way. What can I do to help my closing stay on track?
We recommend that during the closing process, you keep your current job, don’t change bank accounts, and don’t get excited and go on a shopping spree for your new home. Even though it is an exciting time, it is best to lay low until the closing process is complete.
What do I need to bring on closing day?
The most important thing to remember is your government-issued photo ID! If you need to bring funds to close, you’ll want to make sure that they are in an acceptable form.
How long will my closing take?
There are quite a few documents to go over during your closing. You should expect to spend about 45 minutes to an hour with us while we explain everything and have you sign.
Three Main Closing Documents:
Get your pen ready. Your closing appointment will involve signing a fair number of documents, including these three:
- Closing disclosure: This form contains the details of the transaction like the terms and costs. By law, your lender must provide you this form three days before your official closing date.
- Promissory note: This document is your promise to repay your mortgage to your lender. It also provides information about your loan such as:
- Amount you owe
- Your interest rate
- Dates when the payments are to be made
- Length of the time for repayment
- Where to send the payments
- What happens if you fail to make payments
- Deed of trust/mortgage: This document transfers the legal ownership of the property, with the condition that the lender may foreclose on your home if you fail to repay your mortgage. The deed of trust/mortgage restates the basic information that has already been included on the promissory note. It also explains your responsibilities and rights as a borrower.