Every homebuyer wants to hear these three little words: “clear to close.” This means that the underwriter has approved your loan documents and all conditions have been met. Woohoo! You’re close to the finish line, but you won’t be handed the keys just yet. Here’s what you can expect at the closing table.
Your Closing Agent will be sure to let you know the specifics of what to bring to your closing, but at the very least, you’ll want to have a valid photo ID, your closing disclosure and any outstanding paperwork needed, along with any necessary funds to for your closing costs (if applicable). You will then carefully review and sign all of the legal documentation required to issue your mortgage and to transfer the ownership of the property over to you. So, get your pen ready (or finger, if you’re e-signing!) because there will be a few important documents for you to read and sign.
Your closing disclosure, or CD for short, is the final document that will outline the various details and costs of your home loan. This straightforward document will be issued at least three days before you sign all of your mortgage documentation and will include information about your interest rate, closing costs and monthly payments. Be sure to take those three days to carefully review your closing disclosure to ensure there aren’t any substantial changes or errors.
