Did You Know?

FHA loans are one of the best options for young, first-time home buyers who have not had as much time to save for a large down payment or establish a high credit score.

Click to Start Your Refinance or Purchase Loan

What To Expect at Your Mortgage Closing

What To Expect at Your Mortgage Closing

As your closing day gets closer and closer, you might start to feel a little nervous. Do you have everything you need? Will something delay the closing? These worries are natural, but the more prepared you are, the less overwhelming it will all seem. 

While closings can differ, based on the type of transaction (purchase or refinance), it is a good idea to attend the closing knowing the basics. Let us clear up some of the most common things to know. 

Go Through Your Closing Disclosure 

Your lender is legally required to provide you with a Closing Disclosure three days before you close. This document details all the final figures, like your monthly payments, Cash to Close amount, prorated taxes, etc. It is in your best interest to go over these numbers thoroughly so you can compare it to those you see at closing. If there are any discrepancies, speak up! 

Come with Identification

Your title company will require identification before you start signing documents at the closing. Double check with the company what kind of ID is accepted. In many cases, title companies require two forms of ID, so it is a good idea to arrive with your Social Security Card in addition to your state-issued driver’s license. 

How to Pay 

Most title companies accept payment of the Cash to Close amount via a cashier’s check or wire transfer. Keep in mind that the funds must come from an approved bank account, which is reviewed by your mortgage lender prior to closing. If you arrive with funds from a different bank account, it may delay your closing. It is also a good idea to come with a personal check, just in case the closing amount changes slightly. 

There Will Be LOTS of Things to Sign 

When you arrive at the closing, try not to be overwhelmed by the number of papers you will be asked to sign. An attorney of the closing agent will explain every document, and you can ask for as much clarification as you need.  

Closing During COVID 

At the time of this writing, the Coronavirus pandemic is still at large in the U.S., and it has changed the way mortgage transactions take place. Do not be surprised if your closing looks a little different as well. It might mean that some of the signing is done electronically, or that the seller is not present at the closing. There might be social distancing measures at the office where the closing takes place. The best practice is to communicate clearly and constantly; ask your lender and title company about the safety measures they have in place so you can be as prepared as possible. 

Closing on your new home is an exciting prospect, so of course you will want it to go smoothly. By showing up knowledgeable and prepared, you can help take away the stress of the day so you can focus on the best part: closing on your mortgage and moving into your new home!


Your Mortgage Payment Schedule Is Called Amortization
Information About the Balloon Payment
Reliable Borrowers Can Qualify for a Cash-Out Refinance
See Your Credit Scores From All 3 Bureaus
See Your Credit Scores From All 3 Bureaus

More FHA Loan Articles

Getting Approved for an FHA Loan

While an FHA home loan is a good option for first-time homebuyers who don’t have enough money saved for a large down payment, it’s important to understand the ins and outs of the FHA guidelines, and what it takes to get approved as a borrower. 

When Buying with an FHA Loan, Don't Skip the Home Inspection

This wait isn’t easy when you've been shopping for a new home. But getting a home inspection is a crucial step, and not one you should consider skipping. Make sure you hire a reliable home inspector, wait for your inspection report, and watch out for these red flags. 

Is it the Right Time for an FHA Refinance?

With historically low interest rates, the mortgage industry has seen a sharp uptick in refinances. Taking advantage of the current market might be in your best interest and could lower your monthly payment significantly. Don’t forget that refinancing a mortgage comes with closing costs.

Things to Know About Making an FHA Loan Down Payment

Many first-time homebuyers need some help understanding and navigating the ins and outs of the mortgage process, and down payments are an essential part of that. A down payment is an upfront installment made on a large purchase while the remainder is paid off with a loan.

Let's Compare FHA Loans to VA, USDA, and Conventional Mortgages

Buying and financing a home is complicated and can become overwhelming. It's important for you to stay informed, and know what your options are. So, start with the basics and read about the four different mortgage types available before approaching a lender.

-- Find More Articles in the FHALoan Library --

FHALoan.com is not a government agency. We do not offer or have any affiliation with loan modification, foreclosure prevention, payday loan, or short term loan services. Neither FHALoan.com nor its advertisers charge a fee or require anything other than a submission of qualifying information for comparison shopping ads. We do not ask users to surrender or transfer title. We do not ask users to bypass their lender. We encourage users to contact their lawyers, credit counselors, lenders, and housing counselors.

SecureRights Advertiser Contact Information