Final Details, Closing / Settlement

Mortgage calculator. House, noney and document. Once you have successfully navigated all the steps of the process and your mortgage officer or realtor calls you and says, we are ready to close, now it gets real. This is the final step to becoming a homeowner and in my opinion is one of the easiest parts. Typically your realtor or mortgage officer will schedule an appointment for you with the title company that is going to perform your closing. They will then send you a copy of the Settlement Statements for you to review, usually the day before your closing date. You can look over them, make sure you understand all the figures and everything looks correct to you and if not, it is your opportunity to ask questions. Then the day of closing, you will usually go to the bank, get a cashiers check if necessary for any money that you are supposed to bring to closing, like down payments etc. and then get yourself to the title company. Your realtor and your mortgage officer should be present to look over documents as well and make sure that everything you are signing is correct. You will sit at the closing table, your assigned escrow officer will go through all of the paperwork that your mortgage company has sent over and required to be signed in order to obtain your mortgage. This can take anywhere from 20 minutes to an hour depending on the paperwork that is required. Once you have signed everything, turned over the money required to bring to closing and provided a copy of your driver’s license to verify you are you, you get to go home and wait for the mortgage company and title company to do the rest. The title company will then coordinate with the mortgage company in getting the funds from the mortgage to pay the seller, send those over to the seller’s title company and then work with the county to take the seller’s names off the title and add yours as the new owners. Once this is done, the title company usually calls your realtor and lets them know that it is now officially your house and they can give you the keys and you can start moving in. This process typically takes anywhere from 24-48 hours. Some companies are even starting to fund loans on the same day that you sign, so there is less than a 24 hour wait.

Now that you are a homeowner and you can start moving in, here are a few other things that you want to do right way: Call the utility companies to get the utilities turned on or switched over into your name. Go down to the post office and turn in a change of address. Get in the car and find the nearest grocery and home improvement store, it is time to start stocking up. Congratulations! You are a homeowner!!