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Finding the perfect home for your family and securing a mortgage are usually the most difficult steps for a new homebuyer. Although the closing process requires a few additional steps, it typically goes well for most new homebuyers. If you are in the final stretch of the home buying process, you may wonder how the closing process will proceed. Here we will talk about those additional steps and what you can expect during the closing process.

A review of your disclosure form

You will be given a closing disclosure form a few days before closing. It’s important to look at this form thoroughly. Use this time to spot any errors or conditions of which you were not made aware. The form will outline your mortgage payments, the loan term, and any additional fees you will pay at closing. The closing costs will be anywhere from 2 to 7 percent of your home’s price.

One final walk-through

A homebuyers contract usually includes time for a final walk-through of the home. During this walk-through, you will make sure the previous owner has vacated the home and the home is in the agreed upon condition. If the seller agreed to fix problems discovered during the home inspection, this is the time to ensure these repairs were made.

Documents essential to closing

You will need to bring proof of homeowners insurance, your home inspection reports, a copy of your contract, a photo ID, and anything the bank required to approve your loan. You will also bring your down payment. The agreed upon down payment will be outlined in the disclosure form. Before the closing, ask if you should bring a cashier’s check or wire transfer the funds.

What to expect on closing day

Several people will be present as you complete this important transaction. These people will include the seller, the seller’s real estate agent, your real estate agent, a representative from a title company, and sometimes a representative from the lender. Expect to sign your name several times during closing. You will have to put your signature on a stack of legal documents, so be ready for a slight hand cramp.

Don’t panic if things go awry during the closing process. Someone may be late to the meeting, a name may be misspelled, or a document might go missing. Do everything in your power to make sure the day goes smoothly but don’t stress if things need to be fixed before you can close. Everything usually goes well and you leave the closing with the keys to your new home.

Covenant Title Company

Covenant Title Company, a subsidiary of FirstBank Southwest, has been providing title services since 1997. As an independent insurance agent, we have underwriter relationships with Alliant National Title Insurance Company and National Investors Title Insurance Company. We also offer closing services. If you have questions about the closing process, call Julie Lamm at (806) 434-3409 or Contact Us by email.

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