All signatories of the contract should attend the closing in person. If you are unavailable to attend the appointment, your Power of Attorney should attend on your behalf. Even if your spouse is not on the loan, your spouse may still have some documents to sign. Let your lender know if you are divorced or in the process of getting a divorce as you may need supporting documents such as a divorce decree. The underwriter will walk through and explain each document carefully. This is your opportunity to learn when your first mortgage payment is due, how you can make your first mortgage payment, and your amortization schedule, etc. Make sure you understand how and when the taxes will be paid and how to apply for any exemptions as these may save you thousands of dollars in the end.
A few important reminders for closing:
Bring your photo ID with you (ideally a driver’s license or passport)
Bring your checkbook (just in case)
Bring copies of your earnest money receipts and wire transfer receipt for the deposit and closing costs
Most closing meetings take 2-4 hours. At the very end of the closing, the Title officer will give you an overage check which is essentially a refund of the additional money you transferred over when you sent your down payment and closing cost fees. Remember, we always have you transfer $1,500-$2,000 extra just in case the estimates were off. At the very end of closing you’ll get a check back for the extra amount. Please deposit that check within 1-2 days. You’ll also receive a copy of the Closing Disclosure, please file this in your tax folder as you will need it next year when you prepare your taxes. Click here to learn more about Closing Disclosures.
Lastly, you should receive your keys to your new home. It is now yours to move into. Congratulations!