What to Expect When Closing on the Purchase of Your Home
So you have your closing date set – congratulations! You may be wondering what the closing process for the purchase of a home will involve. Origin Bank is here to help, with information on what the closing process entails and tips for how you can keep your timeline on track.
How to prepare for closing
At least 3 days prior to your closing date you will receive the Closing Disclosure, which provides the final loan terms and closing cost details. You will have the option to ink sign or electronically sign the Closing Disclosure. But don’t delay, because there’s an official 3-day waiting period before you can sign the rest of your loan documents. If you have questions about any of the information on the closing disclosure, be sure to ask your Origin Bank trusted advisor.
How to avoid delays
There are some things you should avoid doing before closing your mortgage loan:
1. Don’t ignore questions from your lender
2. Don’t change jobs or quit your current job
3. Don’t allow anyone to run a credit check on you
4. Don’t open any lines of credit, this includes cosigning a loan and payday loans
5. Don’t close any lines of credit
6. Avoid paying bills late
7. Avoid changing bank accounts and making large deposits
The pandemic made digital mortgages and online closings more available, giving borrowers the option to sign securely online. This process can be faster and more convenient than closing in-person, which involves delivery, signing and notarizing of physical documents. However, borrowers may feel uncomfortable not having someone physically present to answer questions or help guide them through the process, so choose the option that best suits your individual needs. At Origin Bank, we’re proud to offer Hybrid e-Closing, making the home buying process easy and simple by offering the best of digital and in-person closing experiences. Hybrid e-Closing reduces the number of documents at the closing table, saves time for all parties, helps ensure accuracy and makes the post-closing process easier while still providing personal assistance so you can feel good about your closing experience.
What to bring to closing
Your Origin Bank trusted advisor will be able tell you everything you should bring to closing, including the exact amount of the funds you owe. Generally, you can expect to bring:
• Government-issued identification, such as a driver’s license or a passport.
• Cashier's Check for your down payment and closing costs.
Who will be at closing?
If you’re buying a home, the following people may be present at closing:
• Your real estate agent and the seller’s real estate agent
• The seller of the property
• Your mortgage lender
• An Attorney, Settlement Agent, or Escrow Officer
Your closing officer will answer any questions you have about the documents before you sign them. The required documents will vary depending on the loan product and the type of closing that you choose. Once all of the documents have been signed, funds have been disbursed, and the closing has been finalized, the transfer of ownership occurs and you’ll soon have the keys to your new home in your hands!
Just beginning your homeownership journey?
Visit our Home Lending page for helpful resources like a closing documents checklist, finance calculators, testimonials and more to guide you through the mortgage process. You can also connect with one of our mortgage loan officers to help answer your questions and get you started on your path to buying your dream home.