Preparing for Mortgage and Home Closing Day, Part 1

There are several major thresholds you’ll cross during the mortgage and homebuying process, and one of the most anticipated by many buyers is closing day. Referring to the day where the closing process is completed and documents are signed to transfer legal ownership of the property, closing day will also include several other important areas to be aware of.

At Altius Mortgage and our partners at Mortgage Ogden, we’re here to help any of our clients with the mortgage process, including first-time homebuyers entering the market for the first time. We’ve assisted numerous buyers with not only closing day, but the entire closing process and its connection to your overall mortgage application and approval. This two-part blog will go over everything you need to know about closing day, from typical timing and attendance basics to some of the primary areas to prepare for.

General Closing Timing

Generally speaking, the closing process itself will take between four and six weeks in its entirety. And in nearly all cases, closing day will represent the final day of this process, the one where final documents are signed and ownership changes hands.

The closing period will usually be kicked off by you signing a purchase and sale agreement with the seller of the home. Over the next several weeks, a number of other tasks will be completed, from mortgage underwriting and approval to home inspection and appraisal contingencies. The precise timing here will depend on several factors, which your loan officer will inform you of closer to the closing itself.

In-Person or Virtual?

In normal times, most closing days will be carried out in person, with the buyer, seller, closing agent, attorneys and perhaps title company or real estate representatives on-hand. This will almost always be done at the home being sold.

Recently, however, the spread of COVID-19 has made such in-person gatherings tougher in many situations. As such, some are choosing virtual closing, which can be easily done using modern technology and allows for simple, secure signing and returning of documents.

Final Walk-Through

Whether on closing day or done in the 24 hours prior (such as if you’re doing a virtual closing), a vital piece of this process to remember is the final walk-through the buyer will generally be allowed. You’re looking for a number of things during this walk-through, from basic cleanliness and fixtures in working order to manuals and warranties, information on basic maintenance, location of shut-off valves and numerous other areas. This is your final chance to ensure everything is the way you expect it to be in the property you’re purchasing, so don’t let it go to waste.

For more on preparing for and properly executing closing day, or to learn about any of our mortgage loan services or rates, speak to the staff at Altius Mortgage today.