In this final stage of the process, closing documents are prepared outlining all the final details of your transaction. credits from seller or lender, and other charges as applicable to the buyer and seller. The closing documents also include all your mortgage paperwork, including a Deed of Trust, Promissory Note, Escrow Account Analysis, Final Application, etc. Bring your best pen, and get ready to perfect your signature; you’ll get lots of practice on your closing day!
The closing usually takes place at the title insurance company’s office with your Mountain West Mortgage consultant present. They are there to answer any questions or concerns you may have about the closing documents. You will be signing the paperwork with an escrow officer—a licensed settlement specialist for the title company. This individual will also be responsible for collecting and exchanging all monies to those involved with the transaction. Upon funding of the loan by the lend-er, the county will record the sale and transfer of title. This usually occurs within 24 hours of signing closing documents—not the same day. Check your purchase contract or ask your real estate agent when you can expect to receive the keys to your new home. Once recorded with the county, the property is legally yours.
Helpful tips for closing day:
- Employment is once again verified on the day of closing. If any change in pay, hours worked, employer or employment status has occurred, immediately notify your mortgage consultant. Any change will cause delays and may void the transaction.
- Bring current government-issued photo ID with you. An expired driver’s license is not acceptable. Your license or other form of government-issued identification must be current.
- Play it safe and prepare ahead for your closing day. Recent changes to Good Funds Law requires title companies to have collected and cleared money in order to disburse funds. This means that customers will be required to wire funds rather than bringing a cashier’s check to closing. Wire instructions will be provided to you; it is easy to do and the best way to ensure your closing is not delayed.
- Bring other required documentation. If your mortgage consultant or other member of the Mountain West Mortgage team tells you to bring required documentation to the closing, please do not forget. Any delay in delivering paperwork could result in your funding also being delayed.