closing-day

Closing day—it’s the day you’ve been dreaming of since you found your ideal home. After spending hours finalizing the purchase details with your real estate agent and loan officer, the big day will be here before you know it. Are you prepared?

While the closing process is fairly straightforward, there’s more to it than signing your name on a dotted line. Here are six things to keep in mind as you get ready for closing day: 

  1. Review a copy of your HUD 1 Settlement Statement. Your settlement statement will outline the details of the transaction, including how much money you’ll need to bring to the closing table and when your first mortgage payment is due. Make sure you understand the information contained within this document and verify it for accuracy. Set aside time to review your settlement statement with your loan officer one-to-three days prior to closing. They will be able to explain what everything means and help you identify any errors that need to be corrected.
  2. Do a final walk through of the property. The day before you close, take a final walk through of the property with your real estate agent to make sure the house is in the condition you expect it to be in. Take time to carefully inspect the house and make sure everything functions properly. Once you sign your name on the dotted line, those issues will be yours to take care of, not the seller’s.
  3. Take your time. Typically, closing will take about an hour to complete. However, it’s important that you don’t rush through the process. Make sure you fully understand each document before signing your name on the dotted line.
  4. Rely on your real estate agent and loan officer. In most cases, your real estate agent and loan officer will be there to provide moral support. Don’t be afraid to ask them questions if you don’t understand something. They are there to represent your needs and help you make sense of the documents you’re signing.
  5. Don’t forget to bring required documentation. On closing day, you will need to bring your driver’s license (or photo ID), proof of homeowners insurance and the full amount stated in your settlement statement. These funds can be presented in the form of a cashier’s check made payable to the title company, or wire transferred to the title company directly.
  6. Remember, there may be situations outside of your control that could delay your closing date. Under these circumstances, work closely with your loan officer and real estate agent to resolve any unforeseen issues. They’ll be able to help you handle any unexpected surprises and help you create a new plan of action to put your closing back on track.

I hope you’ll put these tips to good use so you can come to the closing table with confidence. Just think, once the house keys are handed over, you’ll be able to get settled in to your new home.

Danielle Boote

Danielle Boote is a branch manager at Ross Mortgage Corporation and a Platinum producer with more than 25 years of experience in mortgage lending. She is a graduate of Cleary University and is a resident of Hamburg Township with her husband and four children. In her free time, Danielle enjoys boating, biking, spending with her family and traveling.

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