What to expect on Closing Day

The final step in buying a home is closing day. Closing is exciting because it means your home search is over, and the property is legally yours! While it is exciting, many buyers have questions about what to expect on closing day.

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Once your offer has been accepted by the seller, you will typically have 30-60 days before closing takes place. During this time, your Realtor will assist you in reviewing the seller’s disclosure, home inspection, and appraisal.

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This is what you can expect from your mortgage broker:

• Lock in your mortgage rate. Locking in a rate protects you in case interest rates rise before closing day takes place.
• Clear to close. A few days before closing, you will receive your clear to close letter. This means your loan is ready for closing day.
• Closing Disclosure. You will also receive a Closing Disclosure (CD) one to three days before your closing date. This indicates all the details of your loan, including loan terms, monthly payments, and how much is due at closing.

After a final walkthrough of the home and signing a lot of paperwork, you will be official homeowners!

We strive to make the mortgage loan process as stress-free as possible for all of our clients. Communication is essential in making this happen, which is why we remain in contact throughout the entire process.

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Looking for a new home? Contact us today to start the pre-approval process.