What to expect on closing day

When you’re purchasing your first home, closing day can be exciting — and terrifying. Here are some of the things you can expect when you meet with us to finalize your home loan.

A lot of signing and initialing. Carefully read your closing disclosure information. None of the numbers you see at closing should be a surprise. Double check that items such as your loan, loan amount, loan term, estimated total monthly payment and mortgage rate are what you expected. Don’t feel rushed! Take your time to read through all of your paperwork before signing or initialing.

Pay your downpayment and/or closing costs. At closing, you’ll be paying for your share of the closing costs and any down payment. If you need private mortgage insurance, your first month’s premium also will be due. For your closing costs, you’ll need to bring a certified check or cashier’s check. Don’t worry — you’ll get the exact amount you need to bring with you a few days before closing. At closing, you also will be required to show proof of identification, such as your driver’s license or passport to prove that you’re you.

Provide proof of insurance: You’ll also need documentation proving you have obtained homeowner’s insurance, and if it’s also required as a condition of your loan, flood insurance. Most lenders require you pay one-sixth of the annual insurance premium at close, to be placed in your escrow account.

Once you’ve completed the process of closing, your home purchase will be recorded with the appropriate county or other government entity. That’s why your closing costs include a recording/government filing fee. This fee pays for the cost of officially filing your property information at the local county courthouse; includes recording your ownership and transferring taxes and documents to your name. Once that’s done, you get the keys and you’re officially ready to move in!