Closing your Home Loan

You have agreed to terms with the seller for your new home, and are now preparing to enter the closing phase. Unfortunately, closing on a house is considerably more complicated than buying a new appliance, or even a car.

The closing process typically takes 30-45 days and requires several preliminary steps before the actual closing day. By the time you reach the actual closing day, the mortgage loan must be secured and approved; escrow accounts are established; home inspections and appraisals have been completed; the title search has been performed and title insurance purchased on the clear title; the interest rate has been locked; insurance has been acquired; and any contingencies such as a low appraisal value and repairs have been addressed.

As the closing day approaches, all of the financial flows and expectations will be finalized. Your closing agent or attorney will prepare a Closin…