This article explains what happens at your mortgage closing. The Consumer Financial Protection Bureau is a great resource for a deep dive into the details. To make it easier, below is a simple snapshot of what to expect on our typical loan closing day.
What is closing (from the buyer’s perspective)?
You have done the final walk-through. Wow! It’s here. Your big day!
It’s the final step in the in the home buying journey. The buyer signs the final documents, pays any balances due, and takes ownership of the property. The keys to the home are given to the new owners.
When does closing take place?
Day and time agreed upon by seller, buyer, realtors, attorneys, title companies, and lender.
Where does the closing take place?
Anywhere. Typical places include offices of a title company, lender, or real estate attorney.
How long does our typical mortgage closing take?
30 minutes to 1 hour
What to bring to the closing table?
- Closing checklist
- NewCastle will notify you prior to closing your specific details. Some items include a valid id such as state driver’s license or passport.
- Cashier’s check (NewCastle will provide exact amount).
Who might attend the closing?
- Seller, seller listing real estate agent, seller attorney
- Title company representative
- Closing agent (leads the closing meeting)
- You (borrower and co-borrower), buyer real estate agent, buyer attorney
Pro tip: Review the documents carefully before signing and ask questions.
- Do you understand the settlement statement/closing disclosure?
- Do you understand the promissory note that you will repay the loan?
- Do you understand the mortgage that secures the loan?
- Do you understand the initial escrow and where the payments will go?
What are the next steps?
Your loan closed, and you are now responsible for the mortgage payment as the homeowner.
NewCastle will notify you where to send your first mortgage payment. You will also be receiving information on your loan serving company introducing themselves and providing their contact information.
For real estate agents, they receive their commission on closing day.
The closing is the last step in the loan process. Congratulations! The buying journey is complete. You’re ready to take possession of your home (unless sales contract states differently).
The loan closing should take less than an hour and can take place anywhere but most likely at an office of a title company, realtor, or attorney. Ask questions to make sure you fully understand the documents (promissory note, closing disclosure, mortgage etc.) before signing them.
- Tweet your mortgage questions. Get answers from our staff underwriters.
- Subscribe and never miss out. We'll keep an eye on mortgage rates for you - for free. You'll get monthly tips too
- Learn more about our closing process.