September 1. However, interest is due for the month of July from the date of closing. If you close early in the month, you’d have to pay more interest than if you close nearer to the end of the month. If money is tight, closing toward (but not at) the end of the month will reduce immediate out-of-pocket expense. • If you schedule a closing and fail to complete it on that day, there are consequences. For example, you will face increased closing costs next month, in addition to any contractual penalty for the delay. • Closing can be held in any agreed-upon location.
Step 10: Get Ready for Closing Day
It’s time to sign the papers and get the keys to your new home!
Prepare all the paperwork you have collected throughout the process. This includes the title search and insurance, inspection reports, bank statements, home appraisal, checks for down payment closing costs, and prepaid interest. There may be several people present at the closing, including your attorney, a seller or seller’s representative, seller’s attorney, real estate agents on both sides, lender’s representative, a title company’s representative, closing agent, and a public notary. The exact number and function will depend on the state and county.
The purpose of the meeting is to sign the following documents:
Closing Disclosure (CD). This document contains your final payments, costs, and charges, as well as all agreed-upon terms and periods. You should receive it three business days before the closing date and compare it with the conditions of the initial loan estimate.
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