What should I do before the closing?
As your closing nears, you should:
- Stay in close touch with your Keller Williams agent, lender and title company.
- Avoid lowering your credit score with a new credit application or late payments.
- Confirm that your contract contingencies are resolved, including the home inspection, an appraisal and your financing.
- Finalize your homeowner’s insurance policy.
- Gather your down payment and closing cost funds in an accessible account.
- Review your Closing Disclosure form, which you’ll receive three days before your settlement, and ask questions if you don’t understand something.
- Arrange a wire transfer or get a cashier’s check for the funds you need for the settlement.
- Schedule a walk-through of your new home within 24 hours before your closing to check its condition.
What can I expect at the closing?
In a word: Paperwork! Allot a few hours for your closing. Bring to the closing:
- A government-issued photo ID
- Proof of homeowner’s insurance
- Your copy of the contract
- All paperwork associated with your loan and the home purchase
- Your cashier’s check or wire transfer confirmation
- Your checkbook for miscellaneous funds that weren’t included on your closing estimate
What paperwork is required to close?
You’ll be signing numerous documents, including a repeat of the documents you signed when you applied for your loan. The most important documents you’ll sign are:
- Promissory Note to repay the mortgage
- Deed of Trust, which gives the lender the right to foreclose if you don’t repay the loan
- What’s covered and what’s not
- Initial Escrow Disclosure, which outlines the funds on deposit for your property taxes and homeowner’s insurance bills
- Right to Cancel form, which states that you have three business days to cancel the transaction
What’s next?
After your closing:
- Keep all your signed documents in a safe place.
- Avoid lowering your credit score with a new credit application or late payments.
- Change your address.
- Change the locks and security codes on your home
- Review your due dates and new budget.
Congratulations! You’ve got the keys to your new home! Stay in touch with your Keller Williams agent for future recommendations and service.
