What will happen on closing day?
- The lender's agent will ask for your paid home insurance policy.
- The agent will list the adjustments. These include the money you owe the seller (the remainder of the down payment; prepaid taxes) and what the seller owes you (unpaid taxes; prepaid rent).
- You will sign the mortgage. This gives the lender legal rights to the property if you don't make your payments.
- You will sign the mortgage note (the promise to repay the loan in regular monthly payments).
- You will get title from the seller in the form of a signed deed.
- The lender's agent will collect the closing costs from you and give you a settlement statement of all the items you have paid for.
- The deed and mortgage will be recorded in the town or county Registry of Deeds.
Is there anything I should do immediately after closing?
The first thing you'll want to do is have the locks changed. Also, put your deed and other important paperwork from the closing in a secure place, preferably a safe deposit box. Even though it's all on file with the county, it's smart to know where your copies are and have access to them at all times.
