Hearing that your loan has been cleared to close is that light at the end of the tunnel! There are so many factors that go into getting someone approved for a mortgage and so many moving parts that it becomes a bit like you are holding your breath through the whole process. You can read more about the process of getting a mortgage, on our first time home buyer page. What can you expect from your closing day and after?
Closing day involves a lot of signing of documents and a lot of smiling! Anyone who is a borrower on the home loan will need to be there and have two forms of ID. Be sure that one form is an unexpired driver’s license or state identification card with a photo. You will also need to bring any required cash to close; a cashier’s check is your best bet, as personal checks will not be accepted. You will sit down with the seller and closing agent, there may be a few more people that join as well, to start reviewing all the documents. Some of these documents you will see are; the deed, which transfers the title of the property to you, the note, which is a promise to pay back the loan, the loan application, estimate and closing disclosure. Additionally, you will get a copy of your mortgage to take with you. But the best thing you get to take with you are the keys to your new house!
With your keys in hand and big smile on your face, you start to think about your next steps. Of course, there is moving day (looking for advice on moving? Click here) and maybe even a house warming party, but there are a few other things to take care of as well. Be sure that you secure the documents you received at the closing, whether they are digital or physical copies. Also, you will need to get your driver’s license or state ID card updated with your new address; the time allotted for this varies depending on your state so be sure to check your local laws. Lastly, prepare yourself for a lot of mail. Your recorded mortgage is public record, so a lot of businesses will be sending you offers for things like, lawn care or cable/satellite television services.
This information and more can be found in Stockton Mortgage’s Guide to Closing Day, click here to view it. There is even a free PDF download of it available on our site.