What to Expect at Your Closing

What to Expect at Your Closing

What to Expect at Your Closing

After the shopping, negotiations, and mortgage approval process, the final step of buying a home is closing on your new property. It’s an exciting day, but some homebuyers are confused about the specifics that closing entails. We’re going to demystify the mortgage closing process today.

Who Will Be There
You and your spouse, the seller, your real estate agent, and a representative from the closing company are people who typically attend a closing. In addition, your mortgage originator, your attorney, the seller’s attorney and a representative from the escrow company may also be present.

6 Stops On Your Journey Through the Mortgage Loan Process  

How to Prepare
Make sure you know how to get to the location so you can be on time. Bring your identification, a copy of the sales contract, your bank paperwork, and the home inspection report. Expect to sign your name repeatedly during the process, as there are mounds of paperwork involved in a closing.

What Costs to Expect
There are certain costs associated with closing on a property, whether you’re getting a traditional mortgage, a home loan for bad credit, or an FHA or VA loan. Be prepared for:

  • Down Payment – Your mortgage originator will share this amount with you beforehand.
  • Closing Costs – These can vary between 3-7% of the home price.
  • Points – If you are paying for points so your interest rate can be lowered, you’ll need to be ready for that at closing.
  • Title insurance – This insurance protects against future issues with the title.

Usually, buyers can cover these costs either with a personal check or a cashier’s check.

What Goes On
All parties gather on the scheduled date and time, usually at the title company’s office. The homebuyer then reviews and signs all the documents involved in the closing. These include but aren’t limited to the deed of trust, the promissory note, and the closing disclosure. The buyer provides proof of homeowner’s insurance and inspection and pays the closing costs. The lender splits the funds and pays them out to the appropriate parties.

At the end, you’ll receive the keys to your new property!

How Long It Lasts
A smooth closing can last about an hour, but a complicated closing or one that hits snags can last several hours.

Things That Can Go Awry
Avoiding potential issues is key for a closing that goes off without a hitch. Errors in documents, a title that hasn’t been cleared, money transfer snags, miscommunicated buyer/seller negotiations, and negative information showing up on your credit report at the last minute are all things that can prolong or derail the process.

It’s important to be well-prepared and understand what you can expect during your closing. Your real estate agent and loan officer, as well as the title company representative, can answer specific questions so there aren’t any nasty surprises on closing day.

MIG will take the time to answer all your questions regarding the closing process so that you are comfortable and confident every step of the way. Contact us today!


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Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at Legal Information.

MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:

  • Rates are subject to change at any time.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Payments will vary based on program selection, current rates, property location, etc.
  • Not all programs are available in all states.
  • Some loan programs may not be available to first time home buyers.
  • Terms and conditions apply, which may include restrictions or limits per loan program.
  • Information is generally based on primary residence occupancy with no cash out when refinancing.
  • Unless otherwise stated, terms shown are estimates based in part on credit score of 700 or higher; owner occupancy, escrow account is established for taxes and insurance(s); debt-to-income ratio no higher than 43.0%; PMI applies to conventional loan programs over 80.0% LTV; VA,FHA & RD require insuring fees included in loan and/or payment; fixed rate, 30 year term.

An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020