Now that you have a signed contract, you should schedule the closing date on your calendar and arrange to take the day off. Please know that this date is tentative. While everyone involved will do their best to close on this date, it may need to be extended. We will not get the final date and time until the mortgage officer gives us the Clear to Close meaning you’ve been completely approved for the loan without any conditions. The final closing date is usually scheduled 2-7 days after the Clear to Close. You should plan for the closing appointment to take 2-4 hours at the title company’s office. We can request a morning or afternoon appointment which will allow you to move in sooner and get your locks changed, but we can’t guarantee that it will be granted.
Power of Attorney
We always encourage clients to attend closing as it’s important you understand the closing documents. This is your opportunity to learn when your first mortgage payment is due, how you can make your first mortgage payment, what your amortization schedule is, how taxes will be paid, how to apply for exemptions, etc.
If any signatories will not be available for the closing date, please notify us immediately. A Power of Attorney will need to be created and notarized at least two weeks prior to your closing. The mortgage officer will need to approve it and have a signed original the day before closing. Your Power of Attorney must then attend the closing on your behalf. In addition, you’ll need to write a letter explaining why you can’t attend the closing. We always encourage clients to attend closing as it’s important you understand the closing documents, when your first mortgage payment is due, how you make your first mortgage payment, etc. All of that will be explained at the closing.
The day prior to closing you will need to wire transfer your down payment and closing costs to the title company. Know that real estate wire transfers are highly targeted by scammers. Please take extra precaution to read the wire instructions carefully and verify that they are truly from your mortgage officer. We encourage you to call your mortgage officer just to be sure.
We will have you wire transfer a $1,500-$2,000 more than needed for closing just to be safe in case any last minute changes occur to the fees or the estimates were off. At the end of closing you will receive a refund check for the overage amount which you will take with you when you depart.
If you are planning to move into your new home on the day of closing, schedule the move for at least 1-2 hours after closing ends, if possible. Legally you can’t move into the house until the end of closing once the bank funds the loan, transfers the funds to the seller, and you receive your keys.