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Closing Day: What to Expect and What to Bring
After weeks or months of anticipation, closing day has finally arrived. This is the day when you’ll officially become a homeowner. While it’s an exciting time, it can also be overwhelming if you’re not prepared. Let’s walk through what you can expect on closing day and what you’ll need to bring with you.
What to Expect on Closing Day
Closing day involves a lot of reviewing and signing documents. This can take anywhere from 1 to 3 hours. Some of the documents you’ll sign are the closing disclosure, promissory note, the mortgage or deed of trust, and the deed.
Closing day is also when you will pay your closing fees and transfer your down payment. To make these payments you can use either a cashier’s check or wire transfer.
Once all documents are signed and funds are transferred, you’ll receive the keys (or code) to your new home!
What to Bring to Closing
To ensure a smooth closing process, make sure you bring the following items:
- Photo Identification: Bring a government-issued photo ID, such as a driver’s license or passport. Some closings may require two forms of ID, so it’s wise to bring a backup.
- Proof of Funds: You’ll need a cashier’s check or wire transfer receipt for your down payment and closing costs. Personal checks are typically not accepted.
- Homeowners Insurance Policy: Bring proof that you’ve purchased homeowners insurance for the property.
- The Closing Disclosure: Bring the Closing Disclosure you received at least three days before closing. You’ll want to compare it to the final figures.
- A Copy of Your Contract: While not always necessary, having your original purchase agreement on hand can be helpful for reference.
After you review and sign all the documents on closing day you are officially a homeowner! Make sure you make copies of all your closing documents for your records and file them in a safe place. Closing day marks the end of your home buying journey and the beginning of your journey as a homeowner. By knowing what to expect and being well-prepared, you can ensure that this significant day goes as smoothly as possible. Congratulations on your new home!