Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

Closing On Your Home: Just the Facts


You can throw around offers and sign purchase agreements all day long, but you won’t actually own your home until you go through the closing process. Your activities at the closing table tie up all loose ends and make your purchase legal and final.

Below we dig into the closing process from who’s sitting at the table to the pages you’ll sign.

When Does It Happen?

The closing is the last step to buying your house. It happens after your loan is in order, all your contingencies (like repairs the seller promised to make) have been dealt with, you’ve had a final inspection, and all of your paperwork is in order.

It’s a good idea not to close on the last possible day. Give yourself some leeway in case something goes wrong.

Who Shows Up?

Two parties are essential participants: you and a neutral individual (an escrow officer, an employee of the title company, or a real estate lawyer) who runs the process. You and the seller will have decided on this person shortly before or after you signed your purchase agreement.

If you have your own lawyer, bring him or her along. For first-time homebuyers, it’s a good idea to invite your real estate agent as well.

A person from your lender or title company could also be at closing, along with a notary public to make all those signatures official.

The seller won’t necessarily be there — it’s possible that they’ll do their part separately.

How Long Does It Take?

Assuming everything’s in order, the process takes 1-2 hours. For a less stressful experience, set aside a full day.

You’ll want plenty of time to read all of your documents. Even if you’ve read them before, you’ll want to make sure the actual copies you’re signing look the same and don’t have changes or typos.

Again, you’ll want breathing room in case anything goes wrong.

What Do I Bring?

  1. Certified or cashier’s check (not a personal check) to pay all of your closing costs. You’ll be told what these are at least 24 hours in advance of the closing when you get your settlement sheet.
  2. Proof of homeowners insurance
  3. Photo ID
  4. Your agent or lawyer
  5. A copy of the purchase agreement
  6. Your original Loan Estimate along with any re-disclosed forms due to changes in circumstances
  7. Any items requested by your lender to bring to closing

What Will I Read or Sign?

Mortgage documents, including:

  • Promissory note
  • Mortgage or deed of trust
  • Monthly payment letter

Real estate documents, including:

  • Closing Disclosure
  • Warranty deed or title
  • Proration papers
  • Statement of information
  • Declaration of reports
  • Abstract of title
  • Certificate of occupancy

Remember, you’ll actually be closing on 2 different things: your mortgage and the property itself.

How Much Will I Pay?

Expect to pay several thousands of dollars. Your largest closing costs will probably include:

  • Your origination fee
  • Points you pay on your mortgage
  • Your application, processing, and underwriting fees
  • Attorney or settlement fees
  • Your survey, inspection, and appraisal fees
  •  The cost of your title insurance
  • Your homeowners’ insurance policy or flood policy for 1 full year

How Should I Celebrate?

We’ll leave this one up to you, but here are some suggestions:

  • Shake hands
  • Jingle your keys
  • Fist pump
  • Pop the bubbly and enjoy your new home!
Work with a local mortgage specialist

Trending Topics

Business Owners: Put Automation to Work for You

A year ago today, Ann was a totally different entrepreneur. Her title might have been Owner of Little Genius Tutoring, but her to-do list didn’t quite match. She was trying frantically to keep all her students and...

Learn How to Be A Phishing Attack Detective

With a number of people relying heavily on online services and communication for work and personal life, cybercriminals have increased their volume of attempts to acquire personal information. One of the most common ways...

Commercial Financing

Finding the right commercial financing is easier said than done. If you’re starting a business or trying to grow, finding the right option can be a tough task. Learn more about different commercial...

Lowest Mortgage Rates High Point NC

Getting the lowest mortgage rate in High Point, North Carolina involves more than just shopping around. First, you need to know how to shop for the best rate. Shopping for Lowest Mortgage Rate in High Point, NC There are...

Personal Finance Tips for Beginners

Reading personal finance tips is a great way to start thinking about your budget and saving for the future. If you’re just beginning to think about your financial future and retirement, there are a number of things...

Home Mortgage Calculator from First Bank

A home mortgage calculator can help you determine your monthly mortgage payments. This will help you financially prepare for that future purchase, whether you are a first-time homebuyer or seeking a vacation home. You can...

Small Business Line of Credit

Obtaining a line of credit for your small business can help your entrepreneurial spirit take the company to the next level. This line of credit can be a more affordable option than a business loan because you only pay...

Commercial Loan Payment Calculator

Are you interested in obtaining a commercial mortgage? A commercial loan calculator* can help determine your monthly payments. This is important because purchasing a location for your business is significant and requires a...

Need Online Payroll Services Nearby? Trust Your Local First Bank

Going green isn’t only good for the environment. If you’re a business owner, turning your business into an eco-friendly venture could help you save money and attract more customers. By cutting costs in certain...

First Time Buyer?

For most of us, buying a home is the largest purchase we’ll ever make. If you are a first-time homebuyer, you may be asking questions like, “What is a first home mortgage?” What is a First Home Mortgage?...