Are you buying a house and want to know what to expect during signing? In this video, I’m going to help you get ready for signing so you know exactly what will happen during the process. By signing the final documents and paperwork, you’ll soon have your keys as an official homeowner.
Getting Ready For Signing
In week four of the homebuying process, you should have gotten your conditional loan approval. The appraisal has come in at value or greater and you’ve worked with your loan officer—hopefully here at Dwell—to get all the conditions needed for final loan approval. All of the third parties have gathered, updated, and confirmed all of their information. This includes insurance, title, escrow, property taxes, and anything else the lender needs. Then we’re ready for signing.
This is also the time that you want to make sure you have all of the funds that you need for your down payment and closing costs ready to go. You’ll work with escrow—not the lender—to confirm where those funds need to be deposited. Keep in mind that there is a ton of wire fraud at this point of the process, so only send money to the confirmed location that your escrow company has given you. You can wire, you can do a cashier’s check, but make sure that whichever way you do it, you vetted that with your escrow agent before.
Paperwork And Documents
At signing, you’re going to be putting your signature on a whole bunch of paperwork. The majority of this is generic and not specific to you. There are a couple of key documents you will want to make sure that you look over, and those documents will have been sent to you previously before as well—including your closing disclosure. This document shows your rate, monthly payment, and any fees associated with your mortgage. This can’t change if it’s a fixed-rate loan once you fund it and closed on your loan, so no worries whatsoever.
After signing your loan documents—whether that’s from the comfort of your home, our office, or the escrow agent’s office—we’ll then get prepared for funding. Funding can typically be scheduled the day before, but funding and closing happen on the same day. So keep in mind that the lender will send funds to the escrow company before the loan closes.
The Day Of Closing
Whether you’re signing the day of closing or the day before, the day of closing is exciting but very anticlimactic. There’s not a lot of above-the-water things that happen on closing day. The escrow company or the lender will be comparing documents, vetting, and making sure that the funds from the lender and buyers are there. Once they do that, they’re going to make sure that they’ve settled the numbers. After settling the numbers, they’re going to send the recording numbers and all of the documents to the county to officially make you a homeowner.
Once that is complete, your agent and the listing agent will get together and make sure that you have keys so you can gain access to your new home. Congratulations, you’re now a homeowner!