If you've made it to a Sip & Learn, you know the actual closing is probably the most anticlimactic part of the whole home buying process, but fear not, you will not be drowning in boredom.
Let me take a step back, though, to the Settlement Statement.
You'll receive a copy of this bad boy at least 3 days prior to the closing. The Settlement Statement lays outs exactly what your mortgage payment is, your loan terms and all of the additional fees you'll pay (read: closing costs). As we mentioned, closing costs include your loan origination fee, transfer taxes, title fees, etc.
Look this over a few times! If the numbers don't look right, let your attorney know. You could potentially save yourself some money.
The Closing Table
Many people tend to get so nervous when preparing for the closing, but it's really quite a cinch.
You barely even have to bring anything.
- Your ID. Note to newlyweds, that name has to match the one going on title and mortgage.
- Money for the down payment. Your lender and attorney will let you know how much you owe, but also make sure to find out whether or not you need to bring your money via personal check, wire or cashier's check. Also, bring your checkbook just in case!
At the closing table, it will be a bunch of people awkwardly sitting around, but you'll be too busy to notice since you'll be signing papers till your hand cramps. Your closing table cast includes you, your attorney, the seller's attorney, the closer, myself and sometimes the sellers and your lender.
After you're done signing all of your documents, we’ll sit and wait for the bank to move the funds and then a person will start printing and stapling papers, hand you a large document and tell you you’ve closed on your first home and that the keys can be handed over! Unfortunately, it’s really not that exciting, but you’ll be a homeowner!