Are you getting ready to close on the house you are buying and feeling unsure about what the mortgage closing is all about? A mortgage closing is a normal step of buying a house, and it is generally considered the last step in the process. If you have never gone through one before, here are four things to know about it.
The Best Ways to Prepare for It
The best thing you can do to prepare for your mortgage closing is making sure you do everything you are told to do. Your lender and agent might give you a list of steps you must complete, and you should complete all of these. Secondly, you should review the settlement statement for the closing beforehand. You might not receive this document until a day or two prior to closing, but it is absolutely vital to ensure that the numbers are correct on the form, and your agent can help you with this.
The Purpose of a Mortgage Closing
Secondly, you should understand the purpose of closing. The purpose is primarily to sign all the documents related to the sale of the house. You will sign your mortgage papers at closing and the title papers. The house title will transfer from the seller to you on this date, and you will become the owner of the house at this time. This all takes place at a mortgage closing, and this appointment generally takes about one hour.
What You Need for It
The third thing to know is that you will have to bring things with you. A photo ID is one thing you will need. You might also need your social security card, a cashier's check, and other documents. Your lender or agent will tell you exactly what to bring, and you will not be able to close on the house without these things.
What You Will Receive During It
Not only will you need to bring things, but you should also expect to receive things at this appointment. For one, you should receive the keys to the house you are buying, because when you leave this appointment you will be the new owner of this house. Secondly, you will receive a stack of paperwork, which will consist of all the documents you must sign at the appointment.
Your real estate agent will assist you with preparing for your closing and will be there with you during this appointment. If you have questions before it or during it, talk to your agent.