Understanding the Closing Process
The day has come - you are closing on your new home. Congratulations!
Underwriters, often times, may require additional information prior to closing even though your lender pre-approved you. Below are common conditions an underwriter might request.
- Updated Income/Asset Documentation
- Credit Inquiries
- Employment Verification
- Funds for Closing
- Title and Judgment Searches
- Homeowners and Flood Insurance Coverage
At your closing, you will be provided with a full list broken down of all fees and costs. Bring proof of identification - either a driver's license, State ID card or passport. Also, if you are required to bring money to the table - either for closing costs or down payment - a certified check is required.
Familiarize yourself with these common terms for closing.
- Docs Sent - generally means your approved and has been sent to the closing agent.
- Docs Signed - It's all official. Everyone has signed on the dotted line all paperwork between the seller and buyer.
- Funded - Funds have been transferred from the lender to the closing agent.
- Recorded - The recording of the deeds transfers title and legal ownership to the new property buyer.