In part one of this two-part blog series, we went over some of the basics on mortgage closing day for those who have reached this important threshold. The culmination of the closing process, closing day involves the actual transfer of property ownership from one party to the other, plus several other important details.
At Altius Mortgage and our partners at Mortgage Ogden, we’re here to help with closing and a variety of other variables for any of our home loan clients, for whom we provide a wide selection of mortgage programs and the best mortgage rates around. We’ll be happy to assist you with every part of closing, from several areas of the weeks-long process to actual closing day itself. Today’s part two of our series will dig into a few additional factors for preparing for closing day.
What to Bring
There will be a few important documents and items you’ll need to ensure you have on-hand for closing day when you meet with the other primaries in the sale. You should be sure to check with your closing agent and loan officer on the specifics here, but some of the typical items that are required here include:
- Driver’s license or other proof of ID – in some cases, lenders will require two forms of ID and you will also need to bring a passport or some other alternative.
- Closing Disclosure: Usually three days before closing day, the buyer’s mortgage lender will provide you with a Closing Disclosure. This contains several valuable pieces of information, including final loan terms and costs, and it should be compared to previous loan estimates to ensure there aren’t major differences.
- Cashier’s check or wire transfer receipt of the required closing funds.
- Proof of purchase of homeowners’ insurance, which is often a lender requirement before the home can change possession.
Closing Costs to Remember
Closing costs will vary for each sale, but you can get a strong idea of what yours will be like ahead of time. In many cases, some or all of your closing costs will be built into your future mortgage payments – but this won’t always be the case, and there may be certain costs that cannot be folded into mortgage payments in this way.
Closing costs will generally include things like title fees, homeowners’ insurance, appraisals, property taxes and escrow, title or attorney fees. There may be others here, so be sure to consult with your loan officer in advance and ensure you’re prepared.
What Will Happen At Closing Day
The primary purpose of closing day is to sign several documents, including the Closing Disclosure we already mentioned plus the deed of trust (or mortgage) and a promissory note, which serves as a guarantee that you’ll make your mortgage payments moving forward. Be sure to read all these documents and any others involved carefully before signing them, and feel free to ask questions or have your attorney make clarifications.
For more on the closing process and closing day during a mortgage and homebuying process, or to learn about any of our mortgage services, speak to the staff at Altius Mortgage and our partners at Mortgage Ogden today.