What Can I Expect To Happen On Closing Day? | Moreira Team Mortgage

While this video simplifies closing day tips to help you remember: you’ll present your paid homeowner’s insurance policy or a binder and receipt showing that the premium has been paid. The closing agent will then list the money you owe the seller remainder of down payment, prepaid taxes, and so on. and then the money the seller owes you unpaid taxes and prepaid rent, if applicable.

The seller will provide proofs of any home inspection, warranties, and so on. Once you’re sure you understand all the documentation you’ll sign the mortgage loan, agreeing that if you don’t make payments the mortgage lender is entitled to sell your property and apply the sale price against the amount you owe plus expenses.

You’ll also sign a home mortgage note, promising to repay the home loan. The seller will give you the title to the house in the form of a signed deed. You’ll pay the home lender’s agent all closing costs and, in turn, he or she will provide you with a settlement statement of all the items for which you have paid.

The deed and mortgage will then be recorded in the state Registry of Deeds and you will be a homeowner.