Closing your Mortgage

Closing Your Mortgage

What Happens in the Days Before Closing?

You found a home that meets your needs, got your offer accepted and got approved for a loan and you have satisfied all the mortgage conditions. Now, you’re finally ready to sign the mortgage documents at the solicitor’s office. The lawyer’s office is where you’ll sign all the mortgage paperwork and, in most cases, take possession of the property. Here’s what you need to know about closing.

Your Mortgage Instructions

Before your closing, your lawyer will need to get mortgage instructions from your mortgage lender, which will include a summary of the final costs of your loan. Your lawyer act on both yours and the lenders behalf and will act on specific requirements as set out by the lender providing the mortgage.

A typical home inspection will cover surface-level elements of the home such as structural components, outlets, heating and cooling systems, appliances and more. However, the inspector can’t check out aspects of the house that aren’t easily accessible or visible. For instance, you’ll need a specialized inspector to identify lead, mold, asbestos, radon and pest problems.

Attend a Final Walk-Through

In most cases, buyers negotiate multiple visits to the property to facilitate, a home inspection, appraisal, and a final walk through just before closing. you’ll get to do a walk-through inspection of the property up to one day before closing to make sure everything is in order. This is to make sure the property is in the condition that was stated in your purchase agreement. Here are some questions to ask as you take one last look at the property before closing:

Were all the agreed-upon repairs completed?

  • Did the sellers leave behind all appliances, window treatments, etc., that were specified in the purchase agreement? Are these items in the condition you expected them to be in?
  • Did the sellers damage the property in the process of moving out?
  • Do the lights and faucets work?
  • Does the garage door open?
  • Has the seller removed all hazardous materials, such as old paint cans and construction materials?

If there are any major issues, you can ask to delay the closing or contact the listing agent to negotiate a fair solution.

What and Who to Bring to Closing?

What You Should Bring?

These are some items you must bring to closing:

  • Your driver’s license or other valid, government-issued photo ID
  • A money order or bank draft for balance of your down payment and closing costs
  • Your home insurance binder

Who Should Attend?

In general, all buyers who are going to be on the title and on the mortgage loan should plan to be at closing. If the lender is allowing the buyer to use a power of attorney, then the buyer does not have to attend.

If one spouse is buying and the other won’t be on the mortgage, the spouse who wont be on the mortgage should attend to sign a spousal consent.

possible to close if you can’t be present, but you’ll need to give someone power of attorney.

Mortgage Qualifier Calculator

The first steps in buying a house are ensuring you can afford to pay at least 5% of the purchase price of the home as a down payment and determining your budget. This calculator steps you through the process of finding out how much you can borrow. Fill in the entry fields and click on the payment schedule button to see a complete amortization schedule of your mortgage payments.

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