Mortgage Closing 101: What to Bring and How to Prepare

Congratulations! If you’re reading this blog, you’re likely approaching the final step in the homebuying process: closing on your new home. You're nearly there! There are just a few important things to consider before finishing up the transaction. As Apex Home Loans’ closing manager, I’m here to help! Let’s start with the basics.

What is closing?

Closing is the last step in the loan process where all parties involved in the transaction sign the necessary documents that commit you to your mortgage. After this step, you are legally responsible for the mortgage loan—and of course, you have a new home that’s all your own! Closing is one of the most important phases of the process so it’s essential to be prepared!

In advance of this important day, you should…

• Find out who will be conducting the closing and ask them what to expect.
• Know where the closing will take place (mortgage company’s office, title agent, notary at your home, etc.) and what time you’re expected to be there. 
• Ask to review these critical documents three days prior to closing:

  • Closing Disclosure (CD - you will automatically receive this document at least 3-days before closing)

  • Promissory Note

  • Mortgage / security instrument / deed of trust

  • Deed transferring property ownership (purchase only)

  • Right to cancel (refinance only)

Ask your mortgage banker for clarification of any fees, terms, payments, or any other questions you have after reviewing these documents. You need to feel confident that you’re ready sign the day of closing. There is no such thing as a stupid question when it comes to your mortgage!

What you should bring to closing

• A cashier’s check or proof of wire transfer for the exact amount of money you need to close. Check with the title agent about specific form of payment.
• Your initial Closing Disclosure (CD) to compare to the final at closing.
• Your checkbook. There are occasions when something unforeseen arises.
• Your driver’s license or other form of photo ID.

There you have it! Following these tips to prepare in advance will help you understand the terms of your loan and have a successful closing. Remember that you have the right to understand what you’re signing, so ask as many questions as you need to – do not be rushed! Happy homeowning!