Once you’ve submitted a bid on a home - and had it accepted! - the hardest part of buying your new home is done. The process will take just a few weeks and we will help! But what does that mean?
Your home closing is a meeting that takes place once all negotiations, paperwork, and inspections have been completed. It’s when your new home officially becomes yours! Here is what to expect at your home closing and how to best be prepared.
How Long Does it Take to Close?
The closing time negotiated in most offers is usually 4-6 weeks. If you and the seller agree to a shorter timeframe, we are able to comfortably close your transaction within 3 weeks of when your offer is accepted, thanks to our in-house underwriting. Once your underwriting approval is complete and title requirements have been met, you’re officially ready to close!
Leading Up to Closing
Prior to the day of closing, we will send you a copy of the Closing Disclosure, which lists out the closing costs, prepaid expenses, credits, and your final amount to closing. Please review this document in advance and reach out to your loan officer with any questions.
What to Bring to Closing
Typically, the only item to bring to closing is your checkbook- if you are bringing money to closing. If any other documentation is needed from you at closing, such as an updated driver’s license, your loan officer will be sure to communicate this to you when your underwriting approval is sent. If you are married and your spouse is not on the mortgage, make sure your spouse attends closing with you.
What to Expect at Your Closing
You can plan for closing to take around 30 minutes. Closing is normally attended by the buyer, loan officer, buyer’s realtor and seller’s realtor (listing agent). The listing agent will bring the deed and other transfer documents to closing. Once these documents are recorded, the house is officially yours! At closing, be prepared to sign several documents and to write a check for your final cash to closing amount. A personal check is fine. At closing, we will provide you with a flash drive containing copies of all the closing documents.
Enjoy your new home! Make sure you sign up for the homestead tax credit before June 30th. Your loan officer will send you a reminder and instructions on this after closing. Also, you will likely receive solicitations in the mail for items such as “mortgage protection insurance”. This is simply spam and you can ignore it. If you have questions on anything you receive after closing, be sure to reach out to your loan officer.
We never want someone to sign loan documents with the expectation that they “need” to refinance the loan within a certain time period. All of our loans are fixed rate options, so you don’t have to worry about the future of rates. However, interest rates sometimes go down, and if that happens, we are here to walk you through a refinance.
If you have any questions about closing on your home or want to know more about working with RMN, don’t hesitate to reach out and start the conversation today.