Home Buying Step 19: Let's {Tentatively} Schedule Closing

When we wrote the offer and original contract, we included a closing date. Due to many different factors, please know that this date CAN change. The mortgage company could need more time, sellers could be out of town, work schedules, etc. For now, pencil in the original date on your calendars. Your closing day will be officially scheduled when your loan officer gives you a “Clear to Close” which means your loan has been approved.  

The location and time for closing will be determined by the Title Company, we can request morning or afternoon but the it is not guaranteed. Just be prepared to take off that day, you’ll be wanting to celebrate anyway! 

Before Closing: 

• One day before, you will know the approximate amount to transfer for down payment and closing costs. The title company will email you specific instructions in a secure email if you choose to wire transfer the funds. However, they prefer cashier’s check because it safer and you don’t have to worry about scammers. Please only follow the instructions from the title company. 
• If you cannot attend in person, please let your realtor, loan officer, and title company know as soon as possible. You may have a special Power of Attorney and provide it to your loan officer at least two weeks in advance. 
• A note about spouses; if you are married and your spouse is not on the loan, your spouse must sign the mortgage to waive homestead rights. We can discuss this further with you as well. Also, if you are going through a divorce or recently divorced, you wil need to provide certain documentation. 

At Closing: 

• On average, it takes about one hour.
• You will find out when your first mortgage payment is due, how to make the payment, have all closing documents explained and have the opportunity to ask any remaining questions. 

After Closing:

•  If you have scheduled your movers, be sure to allow extra time (1-2 hours) after the end of closing. 
• Once the bank has funded the loan and transferred funds to the seller, we arrange the pick up of your keys and you may move in!