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Closing Day Checklist: Advice for Buyers

You’ve discovered the perfect home, placed your offer and had it approved by the seller. You’ve set up a home inspection and fixed any problems. It’s time to close on the mortgage that will finance your purchase. Closing day is when you’ll finalize all documents that will transfer the ownership to you. You will also need to pay your closing costs, lending fees and any taxes. While it’s understandable to feel anxious about closing, creating a checklist can help you prepare. The Jana Caudill Team is here for you as you navigate the closing process. We can help you confirm that all loose ends are tied up before you begin this new chapter in your life. 

Photo ID

You will be asked by the title company managing your loan to verify your identity. Make copies of your photo ID and bring them to closing day. A driver’s license is fine, but you can also use an ID card or a passport. Be sure that everyone who is listed on the mortgage also brings copies of their own signed photo ID. The title company must confirm the identities of everyone listed. 

Cashier’s Check

In order to close on a home, you will need to pay for your closing costs, the down payment, property taxes, prepaid interest and homeowners insurance. The total amount is how much you must provide to close on the mortgage. These expenses cannot be covered by a personal check. You will need a money wire or cashier’s check to cover the costs. The lender will provide the amount prior to closing day, so you can prepare a cashier’s check in advance. 

You can obtain a cashier’s check from the bank. What makes a cashier’s check different from a personal check is that the bank has verified that you have sufficient funds to cover the amount. These checks also have watermarks and other security features so that they are harder to counterfeit. 

Closing Disclosure

The closing disclosure is essential to closing. This document lists the terms and costs of the mortgage. Your lender has to give you this disclosure no later than 3 business days beforehand. The closing disclosure breaks down how your payment will be divided into private mortgage insurance, interest, homeowners insurance and property taxes. It will also outline your closing costs that you will need to pay immediately. 

Be sure to bring this form with you so you can review it and ensure there are no differences between the closing disclosure and your mortgage papers. 

Proof Of Insurance

Lenders ask you to take out homeowners insurance before approving your mortgage. The policy will protect you if your home is destroyed since the insurance provider will cover some of the damages. 

Professional Representation

Closing day is undeniably stressful. But remember that you don’t have to do it on your own. Having a professional real estate agent there to ensure everything is settled properly is key to a successful closing process. We can review your documents and answer any questions so you can feel confident. Reach out to The Jana Caudill Team today to speak to our talented realtors!

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