Homebuyers: What to Bring to Closing
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Before your closing date, you should receive a list from your loan officer or agent with everything that you will need to bring on closing day. Here are a few items commonly on that list.
Your Agent or Lawyer
It is important to have an advocate who understands the intricacies of the home-buying process. This is especially critical for first-time homebuyers.
It’s nice to have someone with you who knows what’s going on and has your interests in mind at all times.
If you haven’t found someone knowledgeable and trustworthy, consider reaching out to a mortgage specialist at a First Bank branch near you.
A Photo ID
Of course, buying a home requires you to first prove that you are who you say you are. You will be signing a number of documents that will need to be notarized. A photo ID such as a driver’s license or current passport will do the trick. If you don’t have either of these, a state-issued ID should work.
In addition, some lenders have started to require a second form of identification. If your agent or lawyer hasn’t told you otherwise, it’s best to bring one along just in case.
A Copy of the Purchase Agreement
Closing day is exciting, but there will be many moving parts. It can be difficult to remember all of the details.
Bring a copy of the purchase agreement with you so that you can make sure the final documents align with what was outlined in the agreement. It’s better to be overly cautious and protect yourself than to risk signing documents that may not match what you previously agreed upon.
Proof of Homeowners Insurance
Lenders require homeowners insurance before issuing a mortgage. Other types of insurance may also be required, depending on where you live. The insurance should be able to cover the replacement costs of the house or the full loan amount.
You will need to bring proof that you have homeowners insurance as well as a receipt showing that you’ve paid the premium through the first year.
A Certified or Cashier’s Check
Make sure that you are able to review your settlement statement at least 24 hours prior to closing. This will break down all costs associated with closing on the house. Your down payment and all other closing costs should be included.
Typically, closing costs will amount to 3-5% of the home price, minus any good-faith deposit you may have already given to the seller. Be sure to move over any funds you may need in advance so that they’re there on closing day.
Bring a certified or cashier’s check to cover the amount. Personal checks are not accepted.
Do you have questions about home buying or the closing process? Talk to a mortgage specialist at a branch near you.
