In part one of this two-part blog series, we went over some of the basics on closing day for any mortgage and homebuying situation. Closing day, which is the culmination of a weeks-long closing process, involves the final signing of several documents and the transfer of a home title over to the new owner, plus a few other important elements.
At VIP Mortgage Inc, we’re here to help with numerous mortgage lender services, ranging from basic mortgage rates and application assistance to help with closing costs, preparing for closing day or many others. Today’s part two of our series will go over a few of the final details to be aware of here, including one common misconception about closing day we want to steer you away from.
As we noted in part one, most closing day meetings are generally conducted in person. However, the COVID-19 crisis has made virtual closing more popular, and it’s often an option as well.
In either case, there will be a few individuals likely present at any closing. These tend to include:
Generally, the closing agent will be the one leading the meeting and confirming all the boxes are checked.
There will be a few things that happen on closing day, including plenty of document signing. At minimum, you’ll sign the closing disclosure, the deed or trust of mortgage, and a promissory note covering when you will make mortgage payments and who you’ll send them to.
There may also be outstanding costs that will be listed in a settlement statement, and/or possibly paid on this day. Finally, the seller will sign documents that transfer property ownership to you, while the title company will register the new home deed in your name.
One vital note on closing day and the numerous documents and other details you’ll be handling: Just because the term “closing” is present doesn’t mean you have to simply accept everything as-is. While they are rare nowadays, there are still some situations where all the relevant parties arrive to closing day only to find that certain documents or agreement areas are not actually agreed upon or are incorrect. You absolutely should not sign any document you know to be incorrect or improper, and should lean on your lawyer or others present at closing to help work these issues out in the unusual circumstance where there are problems.
For more on closing day during any mortgage situation, or to learn about any of our mortgage programs or rates, speak to the staff at VIP Mortgage Inc today.