What You Can Expect at a Mortgage Closing
The end is in sight. When you finally hear the words “clear to close” from your loan officer, a wave of relief often rushes over you. The statement “clear to close” refers to the underwriter approving all your documentation necessary for the closing department to begin drafting the closing disclosures and scheduling the closing date with the title company.
Here is some of what you can expect during your mortgage closing:
The Down Payment and Cash-to-Close
Though you’ve been barraged with mortgage disclosure documents over and over throughout the process, you will receive your final mortgage numbers a few days before closing. These numbers will include your closing costs, escrow amounts, interest rates, and cash-to-close.
It is possible for these figures to fluctuate somewhat from your initial disclosure. For example, underestimating the amount for the escrow portion of your payment can cause your cash-to-close and estimated mortgage payment to increase. Keep an eye on these amounts throughout the process and be prepared for the costs on closing day.
Signing the Closing Documents
Ideally, the final documents you sign at the closing table should be exactly the same as your final set of mortgage disclosures, which should be similar to your original disclosures as well. Once you’ve verified that, you can expect to sign your legal name on about 50 pages worth of documents.
Once finished signing all of the required documentation, the closing documents will be sent to your lender’s closing department via fax or scan.
It typically takes 15-20 minutes to receive a funding number, which essentially means that the title agent can disburse all funds accordingly.More importantly, it means that you are now officially a homeowner!
Buying a home, especially your first home, can be a daunting process. With more than 20 years of experience in the Central Florida area, you can trust Butler Mortgage to find a mortgage product that perfectly suits your needs. You can also rest assured that we’ll be here to help you every step of the way, including on closing day. Contact us today at 407-931-3800 or online to request a complimentary consultation.