Close the Deal

You've found your home, agreed on a price with the seller, had the home inspected, and now you're ready for the closing, where you will officially take ownership of the property.  Welcome to the end of the home buying process—and the beginning of your homeownership journey.  

When to schedule your closing
The closing date will depend on when the seller is ready to move out, when you are ready to move in, and when all of the mortgage details have been finalized.  You may want to request a closing date near the end of the month in order to minimize the amount of interest you have to prepay on your mortgage. 

Who should be there
Closing practices vary based on location, but attendees may include the following:

• Buyer and seller
• Real estate agents for the buyer and seller
• Closing agent
• Title company representative
• Mortgage company representative
• Attorney

What happens at closing
Despite all the new technologies that are streamlining the mortgage process, the closing phase remains very paper-intensive.  You will have to review and sign a hefty stack of documents, some of them in duplicate and triplicate.  You will also have to pay for any closing costs, including:

• Lender fees, such as an appraisal fee, credit report fee, origination points, and discount points
• Third-party fees for services not provided by your lender, which may include a settlement fee, title insurance, and attorney's fees
• Prepaid items that must be paid to your lender in advance, such as prepaid interest, hazard insurance, and deposits to set up an escrow account