Before closing day
You'll receive your Closing Disclosure at least three business days before closing. It shows your final loan terms, monthly payment and cash to close. Compare it with your Loan Estimate and ask about anything that changed. Most buyers also do a final walk-through of the home shortly before closing to make sure it's in the agreed condition.
What to bring
- A valid government-issued photo ID
- Confirmation that your cash to close was wired, or other funds your settlement agent approved
- Any last documents your settlement agent or loan consultant asked for
- Everyone who will be on the loan or the title, unless other arrangements were made
Protect yourself from wire fraud
You'll usually send your cash to close by wire. Treat any email that changes your wiring instructions as suspicious, and don't use a phone number or link from that email. Before you send money, verify the instructions by calling CapCenter Client Relations at 1-800-968-5844. If you think you've been targeted, contact your bank right away.
What you'll sign
The settlement agent will walk you through each document. Take your time and ask questions.
- Promissory note: your promise to repay the loan on the agreed terms.
- Deed of trust or mortgage: gives the lender a lien on the home until the loan is paid off.
- Closing Disclosure: your final loan terms and costs.
- Other lender and title forms, such as the initial escrow statement and affidavits.
How long it takes
Many closings take about 60 to 90 minutes, though it can be quicker or longer. Having your ID ready and your funds confirmed ahead of time helps things move along. The seller may sign at a different time or place.
After you sign
Once everything is signed, the lender funds the loan and the settlement agent pays the seller and others involved. The deed and your mortgage or deed of trust are sent to your local records office to be recorded. Depending on local practice and your purchase contract, you'll get the keys at closing or once the deed records or the funds are released.
Your first payment
Your closing documents show when and where your first payment is due and which company services your loan. It's usually due on the first of the second month after closing. Keep your closing documents somewhere safe for taxes and future needs.
