Mortgage Closing 101

Please sign electronically as soon as you can to confirm receipt of your Closing Disclosure! That isn’t a binding acceptance, but it does let us know you received this crucial paperwork. At that point, the clock starts ticking on the three business days to your closing date.

Pay attention to the closing costs. You’ll bring a cashier’s check to closing or wire money before closing to pay those closing costs. Be very cautious about wiring funds. Scammers send fake wire transfer instructions that look like they’re from your lender or title company. Always check directly with your mortgage loan professional to confirm you’re wiring your closing cost payment to the right place before you send the wire.

Everyone on the loan, or their legal representative with power of attorney, must be present to sign the closing documents. Some people choose to have their real estate agent or property lawyer attend the closing.

And what will you be signing at the mortgage closing table? Expect at least the following:

• Property transfer documents, which can include the deed and will be signed by both the homebuyer and home seller (if applicable)
• The seller’s affidavit, also known as the affidavit of title
• The mortgage or deed of trust (depending upon the state)
• Your Closing Disclosure (you’ve already seen this once before)
• Your promissory note
• Affidavit of flood insurance, if applicable
• Any escrow documents or waivers, if applicable
• Servicing disclosure (Planet keeps the majority of our loans for servicing, so you can anticipate keeping it easy!)

If you are refinancing your existing mortgage loan rather than buying a new home, there’s an additional document in the process — this is your right to cancel the mortgage process, known as your Right of Rescission. This gives you a three-business-day period, excluding weekends and federal holidays, to change your mind and decline to finish the refinancing process.

Once all the documents are signed, you’re officially a homeowner, or you have a new mortgage loan! Congratulations. You’ve worked hard to get here, and Planet is happy to be a part of your financial future.