X marks the spot for signing closing documents
If you're thinking of buying a home, make sure you have your pen ready on home closing day! Why? You'll be signing a slew of documents, including mortgage documents, to officially be a homeowner.
We need your signature 👀
Ask anyone who has purchased a home and they'll tell you about the thousands of pages of paperwork they had to sign. It isn't really 1,000 pages, but there are a lot. However, there are now programs like Movement's EasySign*, that allow you to digitally sign most of the papers before you sit down at the closing table – saving you time and also, hand cramps.
Closing day on a house
By closing day, you should have received your Closing Disclosure (CD) to review and sign. The CD outlines the terms of your loan, including a breakdown of your monthly payment and an overview of closing costs. So, luckily that'll be one chunk out of the way. Besides a well-rested hand, you should also have your license, a certified or cashier's check and your personal checkbook (in case) on closing day. You can also expect to see the seller, any agents involved, an attorney/closing agent and even a title company agent.
Signing closing documents
This may leave you wondering: So how long can closing day take then?
Dave Ramsey states that there's usually a range of 50-100 pages of closing docs to go through. Whether or not you signed any online (or had the option to), this ideally could take you roughly 20-30 minutes to go through. However, if you have questions about anything, or want to compare docs, it could take longer. Many will opt to take the day off to close on their home, especially if you want to snag those keys and start enjoying your new home right away.
Alright. What now?
As each lender may have slight variations, contact your local loan officer to see what their closing process is like, if they offer e-signing (we do! Remember? EasySign!*) and what else you could expect from closing day. But before you can get to closing, you have to start the homebuying process. Your loan officer will walk you through the process to see how much you can afford. Before you know it, if eligible, you'll be at the closing table ready to sign!
People are often scared of all they need to do to enter the journey of homeownership. Knowledge is key, though. Prep yourself ahead of time to know what to expect, and make sure you've got an experienced professional on your side.
Contact a local loan officer.
