So you’ve found the perfect home, the seller has accepted your offer, and now you’re just waiting for the mortgage to close before you wrap up the sale and take possession. It’s time for the closing.

But what does this meeting entail? And what do you need to prepare for it? Here’s what you need to know.

The Day Prior: Walking Through The Property

24 hours before the closing, you’ll be given an opportunity to walk through the property and do a final inspection. During this inspection, you’ll be able to look for any damage that may have occurred between contract and closing, which means you can negotiate repairs with the seller.

It can be a good idea to schedule your closing date around the 20th of the month, so that if you do find any problems during the walkthrough, you can address them before you take possession.

The Closing: Title Insurance, Contracts, And More

Typically, the mortgage closing and the home sale closing happen at the same time. During your closing, you’ll need to sign a variety of documents in order to take possession of the home. You’ll want to ensure that you bring your current valid photo ID to closing.  Make sure it hasn’t expired!  In Oklahoma, both spouses will need to be present even if only one person is on the loan.

At this time, you’ll meet with the closer from the title company, the lender, realtors and the sellers if available.  At this time you’ll sign all the paperwork relevant to the loan and title.  The most important document you will be required to sign is a mortgage note, which is a note that states you intend to repay the mortgage loan. This note details the terms of your mortgage, including the amount of the loan and what action the lender is entitled to take if you miss payments.  At the end, you’ll receive a copy of all the documents you signed, a settlement statement, and most importantly the KEYS to your home!

A mortgage loan closing doesn’t have to be complicated. Although there’s a lot that will happen at this meeting, Jolynn can guide you through the process.  Contact Jolynn today for  what you can expect to happen from loan application to your closing.