What You Can Expect on Your Mortgage Closing Day

 Mortgage Closing Day featured image

What You Can Expect on Your Mortgage Closing Day

 

Over the past year, you have planned, saved, researched and put in the leg work to find your perfect home. Now the day you have long anticipated is here: closing day. However, before you get the keys to your new house, the deal needs legal authorization. What can you do in the days leading to your settle that ensure you will be prepared? On the big day of your settlement, your team gathers to sign all the paperwork to finalize the transaction. Here’s what you can expect on your mortgage closing day.

Importance of Scheduling

Experts recommend that you avoid trying to close during your lunch hour. Rather, take the day, or half a day off. Also, schedule your date between the 20th and 25th of the month. That way you allow time for any last minute changes or issues. Avoid closing at the very end of the day or the end of the month. If the process goes into the following month, you may incur extra closing costs.

24 Hours Before

Buyers should schedule a final walk-through inspection a day before settlement. Make sure the house is in the agreed condition, and no damage occurred between contract and closing. That way, you may negotiate any final repairs with the seller. After you finalize the paperwork, you lose that ability.

Gather All Documents

You can never be too prepared. Therefore, bring all the papers and documents you’ve collected to the closing table. Make sure you at least have:

  • proof of insurance
  • a copy of your contract
  • inspection or survey reports
  • any good faith estimates

A good title company can ensure that you have any paperwork regarding the property. Further, they may be able to connect you with resources.

Sealing the Deal

Once you sign the mortgage documents, you become responsible for your loan. You will also sign paperwork to finalize the home purchase, therefore making you the new owner of the property. Once these papers are all signed, you are legally responsible for paying back your loan.

Who Participates

While closing practices vary from state to state, you can expect certain folks will be involved in your settlement:

  • Home Seller
  • Seller’s Real Estate Agent
  • Title Company Representative
  • Attorney(s) The Buyer and Lender May Have Attorneys
  • Closing agent
  • Mortgagor (That’s You!)
  • Mortgagee (Lender)

Who Signs What

First of all, during the settlement the seller signs documents transferring property ownership to you. You receive and sign the documents that are related to the mortgage agreement and ownership of the property. Plus you pay any closing costs and escrow payments.

One Final Note

It is very important that you look over every paper you are signing. While it may seem daunting, at the same time the amount of paperwork makes it easy for mistakes to go unnoticed. Do not be worried about the timing, Consider that you are making what could be the largest purchase of your lifetime. Therefore, take your time.

If you are in need of a reputable title company that you can trust, contact Railway Title. We have years of experience working with homeowners. Additionally, we have many relationships with helpful resources that can help you throughout your entire process. Don’t wait to call us for only your mortgage closing day! Think of us at the beginning your whole process. Contact us today to learn more about how we can help you buy the home of your dreams!

call railway title today footer

Why Railway Title?

railway title logo smallTired of being subjected with over-bearing fees? Tired of unorganized closings? We offer flat rate services! No surprises, no excessive fees, great service and are organized. That is Railway Title.

Conveniently Located

Annapolis

3168 Braverton Street
Suite #400
Edgewater, Maryland 21037

Eastern Shore

1551 Postal Road
Suite #C
Chester, Maryland 21619


download free real estate settlement app