Home buying through a mortgage is only stressful at the start. At the end of the process, at the closing meeting, everything will fall into place and you can now prepare for home transfer. But before the happy ending, do you have an idea on what happens at the closing meeting? Here are some of the key parts of that meeting and what happens before your mortgage closes:
Day Before Closing
One day before the meeting, you will have a chance to walk through the home once again for a final inspection. This inspection can't be deemed unimportant considering that more damages may have occurred since your last visit. During this inspection, any damage found can call for more negotiations with the seller about the repairs that should be done.
Closing Meeting Day
Normally, during this day, both the mortgage closing and the home sale finally come to a completion. During this meeting, you would need to sign a few documents, and you would need to bring a few ones too. Docs necessary for you to carry include: your good faith estimate, contract, inspection reports, and proof of homeowners insurance. It's also better if you have with you all of the documents you sent to the bank in preparation for your home purchase.
During this meeting, the people you're gonna have to discuss with include the seller, the seller's real estate agent, and the person from the title company. There will also be the lender, the closing agent, and any real estate lawyers hired for the transaction. When the meeting ends, you will take with you a number of documents that prove the authenticity of the transaction, and this will include a deed of trust, mortgage contract, and a statement of settlement.
You may also need to sign some documents including a mortgage note, which will state your intention to pay for the mortgage loan. This doc will also detail the terms and conditions your loan comes with, alongside the amount of loan you owe your lender and the action they are entitled in case you miss one or more payments.
As a summary, the mortgage closing meeting isn't at all complicated, in fact, it may be the least complicated part of the buying process. But that does not mean that this meeting is a piece of cake as there will be a lot of things that will happen during this time, but it will only mostly involve documents signing and final verification.