What to Expect on Closing Day: A Guide for Homebuyers

Closing day marks the culmination of your homebuying journey, the day when you finally take ownership of your new home. At First Union Home Finance, we understand that the process can be both exciting and nerve-wracking—especially for first-time homebuyers. To help ease your anxiety and ensure a smooth transition, we’ve outlined what you can expect on closing day.

Review the Closing Disclosure

Before closing day, you should have received the Closing Disclosure, a document that outlines the final terms of your loan, including your interest rate, monthly payments, and closing costs. It’s crucial to review this document thoroughly and compare it to your Loan Estimate to ensure everything matches up. If you notice any discrepancies, contact your loan officer immediately.

Bring the Necessary Documentation

On closing day, you’ll need to bring several important documents, including:

• A government-issued photo ID (such as a driver’s license or passport).
• Proof of homeowner’s insurance.
• A cashier’s check or proof of wire transfer for your down payment and closing costs.
• Any additional documents requested by your lender or title company.

Having these documents ready will help avoid any last-minute delays.

Perform a Final Walkthrough

Typically, you’ll have the opportunity to do a final walkthrough of the property 24 hours before closing. This is your chance to ensure that the home is in the condition agreed upon in the contract, that any requested repairs have been made, and that nothing has changed since your last visit. If you notice any issues, address them with your real estate agent before closing.

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Sign the Paperwork

During the closing meeting, you’ll sign a lot of documents. These will include the mortgage note, the deed of trust or mortgage, and the closing disclosure, among others. It’s essential to read through each document carefully and ask questions if you don’t understand something. Your real estate agent and closing agent will be there to guide you through the process.

Transfer of Funds

As part of the closing process, you’ll need to pay your down payment and closing costs. This is typically done through a wire transfer or cashier’s check. Your closing agent will provide specific instructions on how to make these payments. Be cautious and verify all instructions directly with your closing agent to avoid potential wire fraud.

Receive the Keys

Once all the documents are signed and the funds have been transferred, you’ll receive the keys to your new home! This is the moment you’ve been waiting for, and it’s time to celebrate your new homeownership.

Post-Closing Steps

After closing, there are a few additional steps to take care of:

• Save Your Documents: Keep all closing documents in a safe place for future reference.
• Change Your Address: Update your address with the post office, banks, and other important contacts.
• Set Up Utilities: Ensure that your utilities are transferred to your name and ready for your move-in date.

Tips for a Smooth Closing Day

• Arrive Early: Plan to arrive at least 30 minutes early to allow for any unexpected delays.
• Stay Organized: Keep all your documents and instructions in one place for easy access.
• Ask Questions: Don’t hesitate to ask your real estate agent, lender, or closing agent for clarification on any part of the process.
• Verify Details: Double-check all information, including the amount due at closing and wire transfer details, to prevent any errors.

Closing day is a significant milestone in your homebuying journey. By being prepared and understanding what to expect, you can ensure a smooth and successful transition to homeownership. At First Union Home Finance, we’re here to support you every step of the way. Contact us today for your mortgage needs and secure the home of your dreams!