The day you officially become a homeowner has arrived; it’s the closing day! This process is hectic and exciting all at the same time. With so many details to go over and different things to manage, it is important that you know exactly what to expect on the closing day. At GuardHill Financial, we make the closing process clear and efficient.

What Happens During the Loan Closing Process?

You will arrive at the closing location to review and sign all loan documents. The professionals at GuardHill Financial will thoroughly explain all documents to you, ensuring that you understand exactly what you are signing and the terms you agree to. We will make sure you understand all of the closing costs beforehand. The funds for your loan will then be wired to your closing agent. You may need to set up a new escrow account to pay property taxes and homeowners insurance with your mortgage payment.

Time to Sign

Finally, you will sign the most important documents to secure your home.

  • Closing Disclosures: The final credits and charges for you and the seller based on the contract you signed.
  • Deed of Trust or Mortgage: A document that pledges property to secure a loan.
  • The Promissory Note: A legal note stating that you agree to make your loan payments in full and on time based on the agreed terms.

Every loan and every home is unique, so the closing process will be a little different for each individual. The closing process includes closing costs, which are the costs associated with processing and completing the loan transaction. These costs typically amount to 2-6% of the home’s purchase price.

Closing Costs Include, but not limited to:

  • Home Inspection
  • Title Search
  • Survey
  • Credit Report
  • Attorney Fee
  • Appraisal
  • Courier
  • Recording the Property Deed

Closing costs may vary depending on the loan.

Who attends the Closing?

This depends on the laws in the state in which you are buying the property, along with the property type. People who might attend the closing include:

  • The buyer and their attorney
  • The seller’s attorney
  • Both buyer/seller’s real estate professionals
  • Closing agent
  • Notary public
  • The builder’s representative new homes)

At GuardHill Financial, we will make sure that you have everything you need to be prepared for Closing Day! When you are prepared and know exactly what to expect, the process is quick and easy. We will ensure you know your exact closing costs and what to bring so that you can get moved into your new house. Contact us today to begin your home financing journey!