What to Expect: Closing Day
Closing Day is, by far, everyone’s favorite day. It’s the day that you officially become a new homeowner! Brittany Wilson, our recommended local lender, tells you what to expect on your exciting day.
The closing day is scheduled by your realtor when he or she first submits your offer, and it usually takes place about a month after you go under contract.
WHO & WHERE:
On the day of your closing, you will meet your realtor, lender and escrow officer at the Title Company’s office.
The escrow officer or “closer” will walk you through all of the legal documents and explain what you are signing. This is when you will sign your name about 50 times and officially become the owner of the home.
WHAT/WHO TO BRING:
At the closing, you will need your final “cash-to-close” money. This can be in the form of a cashier’s check made out to the Title Company or you can also arrange to wire the funds that day. You will also need to bring your Driver’s License or Passport. Everyone who is on the loan is required to attend the closing.
Also, even if your spouse is NOT on the loan, he or she will also need to be present. Why? Well, Texas is a “community property” state. So when a husband purchases a primary residence, the wife officially owns it too and vice versa, of course! So they will need to be there to sign a few documents.
HOW LONG DOES IT TAKE?
The closing usually takes no longer than an hour. After you have signed everything, the title company then scans everything in to be reviewed by the lender’s attorneys. Once the loan package is complete, your loan is “funded” and the home is officially yours. Most loans fund within a couple of hours after all of the documents were signed. Once the loan is funded, you get the keys to your new home!