What Happens at Your Mortgage Closing?

Are you in the process of buying your first house? After searching for your dream home, writing offers and having an appraisal completed, all that’s left is the final closing meeting. As a new home buyer, you may be wondering what happens during this important meeting. Here are a few of the things to expect. 

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Many People Attend The Closing

Aside from your and any cosigners, your real estate agent and the sellers and their agent attend this meeting. Sometimes a representative from the mortgage company is also there. Some states require a lawyer specializing in real estate transactions Keyser WV to attend or oversee a closing, while others use a Title officer.  It may seem overwhelming with the number of people in attendance, but everyone is there to ensure the process goes smoothly.

There Are Numerous Documents To Sign

With everyone in attendance, you, your cosigners and the sellers have multiple pages of paperwork to sign. Some of the documents you sign are the escrow statement, the deed, the loan note and the certificate of occupancy. Once all signatures are collected, the title agent scans the documents, and you receive a copy for your records. 

You Pay Closing Costs Before You Get the Keys

The final step of the closing meeting is to pay any fees that are due. Before the closing, you receive an estimate of closing costs. The title company makes the payments for everything listed on the closing document, so you only need to set up one electronic transfer. Establishing this transfer must be set up with your bank on the day of closing. Once the fees are received and documents signed, the deed gets filed with the county clerk. This final step may take a few hours, but you get the keys to your new home once this step is complete. 

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