In a recent post, we shared what happens during the final walkthrough, which is one of the final steps involved in closing. Today, we want to tell you a bit more about the closing process. Below, we will talk about signing your final documents, making your first payment, and receiving your keys to your new home.
When Do You Finish Signing Your Documents During the Closing Process?
You may have heard that signing your final documents happens on closing day. In some states, that is true. But in Washington State, generally this is something you will take care of the day prior to closing.
In fact, you should not even need to leave your current residence to complete your paperwork. You can work on it at any time of the day, including after you get home from work. It all takes place by a mobile notary, so it is very easy and convenient.
You also need to make your down payment and pay the closing costs for the loan, if any.
When Do You Receive Your Keys to Your New Home?
Once you are done signing all of your documents, there are a couple of things that still need to take place behind the scenes. The down payment and closing costs need to transfer successfully. The closing agent needs to release the loan to record. The county also must issue the recording numbers.
For that reason, you generally should not expect that the loan will close right away on closing day. You may need to wait a few hours to find out that closing is complete. When it is, that is when you are able to get your keys. At that point, the house is yours, and you can move in anytime.
When and How Do You Submit Your First Mortgage Payment?
Sometime within around two to four weeks, you should receive a welcome letter from your lender.
In this letter, you will be able to find out how you can make your payments on your home loan. If, for whatever reason, you do not get this letter as expected, check for the first payment letter that you should have received when you signed. This letter should have the same information in it.
Mike Peacore of Blue Square Mortgage quoted “You have some options at this point. You can either make your payments manually, or you can do automatic payments. Keep in mind if you choose the latter option that if your mortgage rate is adjustable or if there are changes in other components of your payment (such as your insurance), the new amounts will come out of your account each time. “
So, you will want to check on it regularly to make sure you know if more or less money is coming out of your account than before.
Have More Questions About the Closing Process? Blue Square Mortgage is Here to Help
You now know more about what to expect on and after closing day with respect to document signing, payments, and getting your keys. Do you have more questions about the closing process? The loan experts at Blue Square Mortgage can talk you through it. Please give them a call at (206) 352-6453 to find out what you need to know about closing on a home loan.