At a mortgage closing, both the buyer and the seller sign papers to officially complete the deal and transfer property ownership to you. After you review and sign all closing documents, you will own your new home.
In a perfect world you just only need to show up to closing with check in hand. If you are getting a loan, hopefully your Loan Officer has made sure the "package" has been sent to the attorney and the funds have been wired into the attorney's escrow account the day before closing. The package will include all of the lender's required paperwork.
You might wish to have the following documents handy.
Your certified funds (Bank Check)
Proof of title search
Proof of insurance, and, if necessary, flood certification
Proof of homeowner’s insurance and mortgage insurance
Home inspection reports
Who Is Present?
You can expect the following people to attend the closing:
Closing Agent. The closing agent, who might work for the lender or the title company, conducts the settlement meeting and makes sure that all documents are signed and recorded and that closing fees and escrow payments are paid and properly distributed
Attorney. The Closing Agent might be an attorney representing you or the lender. Both sides may have attorneys. It’s a good idea to have an attorney present who represents you and only you
Title company representative. Provides written evidence of the ownership of the property
The seller’s real estate agent
You. Also known as the mortgagor
The lender. Also known as the mortgagee
Normally the attorney will represent the lender and only you, your agent, the seller and their agent will be present
Hand Cramp Time
At closing, you will sign legal documents, pay closing costs, and most likely establish escrow accounts for taxes and insurance. Be sure to read all documents carefully before signing, and do not sign forms with blank lines or spaces. The attorney will go through the paperwork with you explaining the line items. Hopefully you will have been provided copies of all of the documents at least by the day prior to closing for your review. You will receive the following important documents:
HUD-1 settlement statement
A detailed list of all costs related to the sale of the home. Take time to compare this to the good-faith estimate to see if actual closing costs differ significantly, and clear up any problems if necessary.
Final TILA statement(Truth in Lending)
Review this outline of the cost of your loan and APR, and make sure everything is in order.
This document states your promise to repay the mortgage. It indicates the amount and terms of the loan, and what the lender can do if you fail to make payments.
This document secures the note and gives your lender a claim against the home if you fail to live up to the terms of the mortgage note.
Certificate of Occupancy
If you are buying a newly constructed house, you need this legal document to move in.
Metro Brokers Financial, Inc., 5775-D Glenridge Drive, Suite 200, Atlanta, Ga. 30328 A Georgia Residential Mortgage Licensee # 5892. NMLSR Unique Identifier # 163853. 404-847-2525